Zakat payers benefit from ‘Zakaty’ platform 
One of the most difficult challenges facing those paying zakat is determining the exact amount that must be paid annually, especially considering that zakat is levied on a wide range of items, such as gold, silver, crops and livestock.
Another challenge is ensuring that the payment is timely, properly distributed and delivered to beneficiaries.
Zakat, the third pillar of Islam, is a religious wealth tax based on the taxpayer’s net worth, not income, and is applied to individuals, as well as to companies, according to specific regulations.
The levy is imposed by Allah on Muslims to purify their wealth, and to establish a collective social security scheme used to channel the wealth from those who are zakat liable to poor and needy individuals. This shows sympathy for poorer Muslims and creates a social development network that improves all of society.
The platform is an excellent electronic channel that allows individuals to pay their zakat quickly, smoothly and securely. This saves time and effort for zakat payers, and ensures that payments are delivered to deserving individuals in a timely manner.
To ensure accurate calculation of the amount of the levy and its delivery to the deserved beneficiaries, the Zakat, Tax and Customs Authority has provided a “Zakaty” electronic portal, which allows individuals to pay smoothly and swiftly through electronic payment channels.
Payments, in turn, are delivered directly to those who are eligible for zakat and listed in the social insurance scheme.
The portal also allows payment via smartphone and through the website portal (zakaty.gov.sa), as well as through reliable payment banking channels, such as SADAD and Apple Pay.
Since the start of operation six years ago, SR428.5 million ($114.3 million) in zakat has been paid through the portal by 170,305 people.
Sheikh Abdulaziz bin Abdullah Al-Asheikh, Saudi Arabia’s grand mufti, has praised the platform, saying that it includes a statement of several provisions of zakat, and the method of calculating the levy in gold and silver, banknotes, trade offers, investment funds, stock and debt.
“This platform is the trusted authority for receiving and disbursing zakat for its beneficiaries,” he said.
Undoubtedly, the platform is an excellent electronic channel that allows individuals to pay their zakat quickly, smoothly and securely. This saves time and effort for zakat payers, and ensures that payments are delivered to deserving individuals in a timely manner.
• Talat Zaki Hafiz is an economist and financial analyst. Twitter: @TalatHafiz
