Kingdom has SR 1 trillion worth of Zakat: Saleh Kamel

Updated 03 October 2012

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.


Dubai rents may be bottoming out as ‘green shoots’ appear

Updated 20 January 2020

Dubai rents may be bottoming out as ‘green shoots’ appear

  • An estimated 45,000 homes were completed in Dubai in 2019 according to Chesterton estimates

LONDON: Confidence may be returning to Dubai property despite a bloated market for off-plan homes, according to a report from Chestertons, the real estate broker.

Although apartment and villa sales prices were down 2 percent and 3 percent respectively in the fourth quarter of 2019 compared to the previous quarter, rental rates are stabilizing.

But supply issues continue to represent the biggest challenge facing the market, with 45,000 new units completed in 2019 and that expected to double this year.

“The Dubai residential market in Q4 2019 is alluding to a more positive outlook for 2020 thanks to the slowdown of sales price declines and the leveling of rental rates,” said Chris Hobden, of Chestertons MENA. “This does, however, have to be tempered by the volume of new units scheduled for delivery in 2020, which makes the short-term recovery of prices in the emirate unlikely.”

In the rental market, no movement was witnessed in the fourth quarter with the market supported by a draft law which would fix rental rates for three years upon the signing of a contract. 

“To ensure high occupancy in 2020, landlords will have to be realistic in the face of tough market conditions. The incentives previously offered to tenants, such as rent-free periods, multiple cheques and short-term leases, will continue, with an increase in tenant demand for monthly direct debit payments also likely” added Hobden.