Bahrain Islamic Bank Appropriates Zakat at Annual Meeting
Bahrain Islamic Bank recently held its annual “general assembly” meeting at which, among other things, it appropriated zakat funds.
Zakat, for those who are not regular SFW readers, is a form of tithing in Islam.
Zakat is also a huge concern when it comes to Shariah Finance and Shariah Banking because at least two of the four schools of Shariah jurisprudence require a portion of zakat payments go to those “fighting in the way of allah.” The other two schools of jurisprudence either permit zakat to go to such destinations or recommend it as one of the permissible categories.
There is no indication in the article linked here where Bahrain Islamic Bank’s zakat funds are headed. This is all part of a problem inherent to Shariah Finance and Banking, namely lack of transparency and disclosure.