Zakat Fund
The first Islamic Zakat Fund was established in 1975 as a pioneering initiative by Dubai Islamic Bank, as part of its belief in fulfilling the Zakat obligation imposed by Allah.
The bank set up the Zakat Fund to channel the zakat from the bank funds, such as reserve amounts and forwarded profits. The Fund also collects the zakat of those clients who wish the bank to distribute it on their behalf.
The Fund is managed by a financially and administratively committee under the supervision of bank’s Fatwa & Legal Control Committee. The Fund committee carried out all its activities within the bank and distributes the zakat under official regulations that govern its work and after studying the deserving causes that are potential beneficiaries.