OSOOL & BAKHEET INVESTMENT COMPANY announces the occurrence of an event to AlMa’athar REIT
Osool & Bakheet Investment Company announces that the Board of Directors of Al Ma’athar REIT Fund has decided that the Fund Manager will pay the Fund Zakat on behalf of the Unit Owners. This will result in the providing of an investment instrument subject to Zakat. Accordingly, the fund manager will work towards submit Zakat for the year 2018.
The Fund Manager will pay Zakat instead of investors, after the amendment of the terms and conditions and notice to the Capital Market Authority Zakat will be paid for 2018.The Fund Manager will announce the value of the Zakat provision as calculated by the Zakat Advisor at the time, and this is not expected to have impact on the value of the distributions or on the value of the Fund’s assets.
