National Bonds wishes you and your family a spiritual and joyful Ramadan. This is also the time during which we want to ensure we're doing our bit in helping you to fulfill the noble obligation of Zakat in line with the approved Shari'a principles.
As a Shari’a-compliant company, we aim to make it easier for our customers to determine their Zakat obligations and fulfil them seamlessly, which is why we have enhanced our Zakat calculator. Here’s how to use it:
1. Log into your account on our app
2. Select “Zakat Calculator” from the 'More' tab
3. Choose the calendar based on your one-year period or 'Hawl'
4. The calculator will automatically calculate the Zakat amount according to the time period and your savings
5. Instantly pay your calculated Zakat to the General Authority of Islamic Affairs, Endowment and Zakat directly from your Savings Sukuk.
6. You also have the flexibility to increase your Zakat contribution by adding an amount over and above the calculated value.
For more information, please call our contact center on 600522279.
The savings Sukuk are considered as Financial Papers representing a share in a savings pool; therefore, the same Zakat provisions on Securities apply to these Sukuk as per the international Islamic Fiqh Academy and Zakat Shari’ah Standard issued by Accounting and Auditing Organization for Islamic Financial Institutions provisions. Zakat is obligatory on shares’ assets, and it is calculated considering the company as an individual.
Disclaimer:
Treatment of re-invested Term Sukuks: Zakat calculation using the online calculator is based on uninterrupted Sukuk placement with National Bonds for a full Hijri year and may be calculated based on 365 days for the Gregorian year. Any redemption or renewal of your placement during this period may affect the Zakat amount as the redeemed amount might be excluded from the calculation. Therefore, if there are such reinvested amounts, please ensure Zakat is calculated on those Sukuk according to the Zakat amount due per Sukuk, as announced.
Calculation of Nisab:
The Zakat calculator on National Bonds’ website and mobile app will calculate Zakat based on the amount of Sukuk holdings with National Bonds, in order to calculate your Nisab (quorum) accurately for the purpose of Zakat calculation you will have to include all your Zakat eligible wealth/assets during the Hawl (Zakat year) period.
