Kingdom has SR 1 trillion worth of Zakat: Saleh Kamel

Updated 03 October 2012
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Kingdom has SR 1 trillion worth of Zakat: Saleh Kamel

Prominent Saudi businessman Saleh Kamel has estimated the total value of Zakat in the Kingdom at SR 1 trillion, and said such a huge amount could be used to solve many economic and social problems in the country.
Kamel, who is also chairman of the Islamic Chamber of Commerce and Industry, said people should pay Zakat for real estate properties that have been for sale.
“We Muslims should understand the economic wisdom behind the Zakat system. If we collect and use Zakat properly, it can bring about substantial improvement in our economic condition,” Kamel told a gathering of businessmen and academics in Madinah.
He added: “If we had collected Zakat from real estate properties we would not have faced the housing or land problems.” Kamel emphasized the need to introduce purely Islamic products for promoting Islamic banking and finance.
Referring to the global economic crisis, he said it would not have taken place if the world had implemented a small Hadith of the Prophet (peace be upon him), which says: “Don’t sell what you don’t possess.”
Kamel said he had discussed this matter with German Chancellor Angela Merkel. “I can tell you that Islamic economics offers solutions for world problems. We have to understand the system and implement it properly.”
The Saudi businessman said Zakat could also solve unemployment problem faced by many countries. “If we introduce modern financial methods, Zakat can be used for the poor to participate in productive means,” he said.
He emphasized the need to introduce innovative Zakat-based programs to improve the condition of poor families.

 


One in five financial institutions consider cryptocurrency trading, survey says

Updated 3 min 40 sec ago
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One in five financial institutions consider cryptocurrency trading, survey says

LONDON: One in five financial institutions is considering trading cryptocurrencies within the next 12 months, a survey published by Thomson Reuters on Tuesday found.
Among those respondents who said they were willing to trade cryptocurrencies like bitcoin, the best known of the digital coins, 70 percent said they were planning to start trading in the next three to six months, the survey showed.
The survey covered more than 400 clients across Thomson Reuters Corp. platforms including large asset managers, hedge funds and trading desks at the biggest banks. Thomson Reuters, the parent company of Reuters, provides data and news to the financial services industry.
Retail interest in the buying and selling of digital coins exploded last year after prices skyrocketed, and institutional involvement has been predicted to grow, despite regulatory warnings that cryptocurrencies are highly risky and prone to scams.
Banks are examining client interest and several hedge funds have tried their hand trading virtual currencies.
Large falls in cryptocurrency prices this year, however, have encouraged critics to warn again that the market is a bubble and that investors should stay away.
The survey was the first conducted by Thomson Reuters so it was not possible to gauge how institutional appetite for crypto trading has changed.