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.

 


OPEC rift deepens as Iran walks out of key meeting in Vienna

Updated 21 June 2018
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OPEC rift deepens as Iran walks out of key meeting in Vienna

VIENNA: Iran's oil minister walked out of a key meeting with OPEC peers on Thursday, as a rift deepened with regional rival Saudi over its push to ramp up the cartel's oil output.
"I do not think we can reach an agreement," Bijan Namdar Zanganeh told reporters at his Vienna hotel after storming out of talks with a group of ministers on the eve of a crucial OPEC meet.
The talks were meant to lay the groundwork for Friday's gathering of the 14-nation Organization of Petroleum Exporting Countries (OPEC), when the cartel will discuss easing a supply-cut deal with 10 partner countries that has cleared a global oil supply glut and pushed crude prices to multi-year highs.
The output curbs have been in place since January 2017 but Saudi Arabia, backed by non-member Russia, is now pushing to raise production again in order to meet growing demand in the second half of 2018.
But the proposal has run into resistance from Iran, Iraq and Venezuela, who would struggle to immediately raise output and fear losing market share and revenues if other countries open the spigots.
Iran is particularly vocal about its objections as it braces for the impact of fresh US sanctions on its oil exports after President Donald Trump quit the international nuclear agreement.
But Riyadh, which cheered Washington's exit from the nuclear pact, is under pressure from Trump to boost output in order to lower oil prices ahead of November's midterm elections.
Saudi Energy Minister Khalid al-Falih had earlier signalled a compromise could be in the works.
He acknowledged that a big production hike might be "politically unacceptable" to some OPEC countries and said it was important to be "sensitive" to those concerns.
The 24 nations in the pact, known as OPEC+, initially agreed to trim production by 1.8 million barrels a day but they have actually been keeping more than two million bpd off the market.
Observers believe a face-saving deal could be brokered if members simply stopped over-complying with the current pact, and agreed to stick to the original reduction quotas -- which would bring several hundred thousand more barrels to the market each day.
But that is easier said than done since much of the shortfall has come from Venezuela, where an economic crisis has savaged the nation's petroleum production.
Output has also plummeted in Libya, where fighting between rival factions has damaged key oil infrastructure.