Cabinet approves amendment to Zakat, Charity House law
Thursday، 06 February 2020 - 12:19 PM
The Cabinet approved during a meeting Wednesday 5/2/2020 under Prime Minister Mostafa Madbouli a draft law on amending some articles of law no. 123 of 2014 about the work of the Egyptian Zakat and Charity House.
The amendment includes replacing the fiscal year to start on January 1 in the calendar year and ends on the last day of December in the same year instead of the Islamic calendar.
The aim of the amendment is to facilitate the financial dealings of the Egyptian Zakat and Charity House with banks
Zakat is a form of alms-giving treated in Islam as a religious obligation or tax for the poor people.
In addition to their Zakat obligations, Muslims were encouraged to make voluntary contributions (sadaqat).
As one of the Five Pillars of Islam, Zakat is a religious duty for all Muslims who meet the necessary criteria of wealth.
It is a mandatory charitable contribution, often considered to be a tax. The payment and disputes on Zakat have played a major role in the history of Islam.