Riyad Bank said it would have to pay an additional zakat claim of SAR 3.5 billion for the years 2008-2013, after the zakat authority applied a new accounting method to the long-term investments of banks, according to the lender's financial statements seen by Argaam.

 

The Saudi General Authority of Zakat and Tax (GAZT) informed the bank of the additional zakat demands worth SAR 3.5 billion, which is higher than the originally estimated figure. The difference is attributable to the application of a new interpretation by GAZT.

 

Other banks operating in Saudi Arabia are subject to the same interpretation, and have yet to announce positions and any additional demands issued by GAZT.

 

Riyad Bank said it has not yet allocated any provisions for the additional claims.

Comments 0

Be the first to comment

loader Train
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Market Indices

TASI
11,096.65
(206.11) (1.82 %)
Created with Highstock 6.0.710:…10:0011:0012:0013:0014:0015:0011,000.0011,100.0011,200.0011,300.0011,400.00
Close : 11096.65 | Apr 9, 15:20
More

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2025, Argaam Investment, All Rights Reserved
Call Request

Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.

Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website