Al Rajhi Bank to pay SAR 723 mln in Zakat claims

Al Rajhi Bank will be required to pay SAR 723 million in zakat claims to the General Authority of Zakat and Tax (GAZT) for the period of 2002-2009, the bank’s external auditor said in its annual report.

Al Rajhi has already set aside a provision for this purpose, the report added.

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.