The Zakat and Donations Committee was formed based on the shareholders’ authorization to the Executive Management to distribute the Zakat on their behalf. In accordance with the mandate assigned to this committee, the oversight and governance of donations also fall under its responsibilities. The management took into account several important considerations in forming this committee that will enhance governance mechanisms and maintain transparency in the distribution process assigned to it while adhering to Shari’a and procedural controls that provide strong oversight and standards characterized by integrity, transparency and sound management.
The committee is chaired by the Group Chief Executive Officer with additional members including the Shari’a Officer, representatives from the Compliance department, Treasury department & Finance department. In addition to an observer member from the Internal Shari’a Audit department.