Zakat Account Management

 

Background            Islamic Bank of Thailand Act,2002,Section 3 states that "Zakat Account" means the account opened by the Bank for donation and proceeding of donation
           in accordance with the Islamic principles.
   
Reason 

           Zakat,the giving of aims to the poor and needy,is one of the five pillars of Islam. It is a mandatory process for Muslims in order to physically and spirtually purify
           their yearly earning that are over and above whatis required to provide the essential needs of a of a person of family. A Muslim has to donate a certain proportion of wealth
           each year to charitable causes. After customer make donation,the Bank undertakes zakat funds management on behalf of customer.

Objective            To manage zakat funds and donations for those who make zakat donation and assign the Bank to act as a representative for zakat fund and donation transaction
   
Procedure

           1. The Bank set up Zakat account on July 28,2005 to receive zakat funds.
           2. The Zakat Subcommittee will consider zakat funds allocation based on the following criteria
                 1. The recipient must be qualified to receive zakat under Islamic laws,that is,
                     -  The poor
                     -  The needy
                     -  Those expected to convert to Islam.
                     -  Those who have incurred debt but in pursuit of a worthy goal under Islamic rules.
                     -  Travelers who are traveling with a worthy goal but cannot reach their destination without financial assistance.
                     -  Qualified recipients in Islam way such as charity,school building,hospital building,water-well building.
                  2. Zakat funds will primarily be allocated to the recipient directly,not through any organization or foundation.
                      According to the resolution of the Zakat Subcommittee meeting no.1/2007 on February 26,2007,to ensure the accuracy
                      and transparency of zakat account management,zakat recipient information must be examined and verified by related agency
                      before submission to the Zakat Subcommittee for approval.The Bank will inform the performance of the zakat funds to donators
                      in order to promote and encourage recurring donations from existing and new donators.  
 

          
                                     Zakat account accumulated performance(2006-2016) classified by users.

                         

                                      Zakat account yearly performance classified by user.
                                 Account1 Klongton branch