Sharia Advisory CommitteeAs part of our commitment to complying with Islamic Sharia law, the Sharia Advisory Committee is responsible for reviewing investment proposals and previous transactions, and issuing Sharia opinions accordingly. The committee also provides Sharia advice to ensure that the company’s activities are in line with Sharia guidelines.
Dr. Sheikh Yousef
Bin Abdullah Al-ShubailyChairman of Sharia Advisory Committee
He is a Professor of Comparative Fiqh at the Higher Institute of Judiciary, where he obtained his Ph.D. in Comparative Fiqh. He is also a distinguished member of the Shari'a Board at the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and contributes his expertise to various Shari'a committees in local and international banks and financial institutions.
Dr. Sheikh Khalid
Bin Muhammad Al-SayyariCommittee Member and Secretary
He is an assistant professor at the College of Shari'a at Shaqra University, where he serves as a Shari'a and legal advisor. He holds a Ph.D. in Fiqh from Imam Muhammad bin Saud Islamic University. His expertise and scholarly work have made significant contributions to Islamic finance and Zakat, adding value to the respective areas.
Dr. Sheikh Faisal
Bin Saleh Al-ShammariCommittee Member
He is an experienced lawyer and Shari'a legal advisor. He is an active member of the Committee for the Revision of the Shari'a Standard for Investment Sukuk at AAOIFI. Additionally, he holds positions on several Shari'a committees within leading financial institutions. His extensive contributions include participation in high-profile conferences, and seminars and authoring research papers and publications on contemporary financial transactions. Furthermore, he has played an instrumental role in the development of innovative fintech products and a wide range of banking solutions.
Dr. Rashid
bin Saleh Bin KhaneenCommittee Member
He is an Associate Professor in the Department of Fiqh at the Saudi Electronic University. He is also a member of both the Shari'a Standards Committee and the Committee for Reviewing and Drafting Shari'a Standards Documents at AAOIFI. In addition, he holds positions on multiple Shari'a committees across various financial institutions. His academic and professional contributions span numerous conferences and seminars, along with the publication of research papers and books on contemporary financial transactions.
Zakat Rules for Investment FundsGuidance Q&A for Investors Not Obligated by the Competent Authority (Individual Taxpayers)
Common Questions About Zakat on Investment Funds on the Aseel Financial Platform
Is Zakat obligatory for the investor in the investment fund, or is the fund itself required to pay it?
Investors or subscribers are typically responsible for paying Zakat on their investment units within funds. However, if the fund's terms and conditions stipulate that the fund manager will handle Zakat payments on behalf of the investors, then the investor can rely on the fund manager to fulfill this obligation. It's important to note that not all investment funds on Aseel's platform have the fund manager handle Zakat payments for investors. Therefore, users of Aseel's platform must take full responsibility for calculating and paying their Zakat.
When does the Zakat calculation period begin for the amount invested in the fund?
Specific Questions about Zakat for Real Estate Development and Infrastructure Funds
What are Real Estate Development Funds?
What Are Infrastructure Funds?
How is Zakat determined for investment units in real estate development or infrastructure funds?
If an investor has previously paid Zakat based on the Fatwa concerning real estate investment units, where Zakat is paid once upon classification or liquidation, how should they calculate their Zakat under these circumstances?
What is the value used for calculating Zakat on the real estate fund? Is it based on the investment amount or the annual value of the unit?
How is Zakat calculated for an investor who has already paid Zakat in a previous year for a real estate fund that has been temporarily suspended by a government decision regarding the land of the fund's project?
Specific Questions about Zakat on Income-Generating Real Estate Funds
What Are Income-Generating Real Estate Funds?
How is Zakat determined for investment units in income-generating real estate funds?
If the real estate or investment units in real estate development or infrastructure funds are expropriated, causing the fund's activities on these properties to halt—such as the fund manager being unable to sell the units for a certain period—how does this impact the calculation of Zakat on these funds?
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