MANAMA – Ithmaar Bank, a Bahrain-based Islamic retail bank, announced that is has started collaborating with the Zakat and Sadaqat Fund of Bahrain’s Ministry of Justice, Islamic Affairs and Waqf to streamline Zakat and Sadaqat monthly payments in the Kingdom.
The collaboration will allow the Bank’s customers to easily pay Zakat and Sadaqat directly into the Ministry’s Zakat and Sadaqat Fund. The transfers can be completed through standing orders, direct debit or online transfers as part of the monthly payment project.
On this occasion, the Assistant Undersecretary for Islamic Affairs at the Ministry of Justice, Islamic Affairs and Waqf, Dr. Mohamed Taher Al-Qattan emphasised the keenness of the Zakat and Sadaqat Fund to establish a true partnership between the private sector, to improve the performance of companies concerned with the third pillar of Islam, to truly exercise its charitable role towards the community and to encourage social solidarity that develops a sense of compassion and unity. Al-Qattan also expressed his thanks and appreciation for the continuous contributions of Ithmaar Bank to the Fund’s projects, as it is one of the main collaborators in the Zakat and Sadaqat Fund, pointing out that the cooperation will eventually help support family’s requirements and needs and contributes to their financial stability.
The Zakat and Sadaqat Fund is the approved authority in the Kingdom of Bahrain to disburse and collect Zakat and Sadaqat and aims to increase the level of awareness of the obligation of Zakat. In addition to developing the sources of Zakat and Sadaqat, it also maintains mechanisms for collecting and disbursing Zakat, in addition to meeting the needs of the needy. The public can view all the projects launched by the Fund through the website www.zakafund.bh, and participate in making suggestions and provide opinion’s that contributes in developing the Fund’s goals.
“We are proud to be the first Bank in Bahrain that facilitates and streamlines the Zakat and Sadaqat transfer payments for our customers through themonthly payment project,” said Ithmaar Bank Deputy Chief Executive Officer, Abdul Hakeem Al Mutawa. “Our customers will now be able to transfer funds to the Zakat and Sadaqat Fund digitally directly through their mobile phones, tablets, laptops or other internet-connected devices at any time. If they must, they can also do so by visiting any of our branches,” he said.
“This collaboration with the Ministry aims to help make our customers’ transactions much easier,” said Al Mutawa. “As we continue to fight the global COVID-19 pandemic, customers turn to digital platforms to conduct their transactions and expect the banking services to be available at their fingertips, with immediate, anytime access,” he said.
“As a pioneering Islamic retail bank, Ithmaar Bank has long-recognised the important role we must play in supporting the community in which we operate,” said Al Mutawa. “This is a responsibility we have always taken very seriously, and it has helped shape the Bank’s progress and growth over the years. This collaboration with the Ministry will help raise the public awareness on the importance of Zakat as a religious mandate, which will help further strengthen social solidarity in the Kingdom and contribute to the continuous support for the community,” he said.
“This is, in fact, one of our key objectives as an Islamic retail bank and helps ensure that we continue to play a real and meaningful role in developing our community, helping those in need and contributing to our society’s growth and prosperity,” said Al Mutawa. “It defines us as a corporate entity,” he said.
“Ithmaar Bank also fulfils its responsibility towards the community by focusing on economic growth, social development and environmental protection,” said Al Mutawa. “Throughout the years, we remain committed to applying best practices in corporate governance through the adoption of principles such as integrity, honesty, transparency, accountability and adherence to Islamic Sharia principles,” he said.
About Ithmaar Bank:
Ithmaar Bank B.S.C. (closed) (“Ithmaar Bank”) is a Bahrain-based Islamic retail bank that is licensed and regulated by the Central Bank of Bahrain and provides retail, commercial, treasury & financial institutions and other banking services.
Ithmaar Bank is a wholly owned subsidiary of Ithmaar Holding B.S.C. which is listed on the Bahrain Bourse, and Dubai Financial Market.
Ithmaar Bank provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of individuals and institutions. Ithmaar also maintains a presence in overseas markets through its subsidiary, Faysal Bank Limited (Pakistan) and locally through Dilmunia Development Fund I L.P.
© Press Release 2021