Purification and Zakat (for long-term investing) calculations are in USD per share and based on AAOIFI methodology. AAOIFI requires purification every financial period (e.g. quarterly).
If you follow S&P Shariah’s Dividend-only purification, then remove the impure income % from the dividends you receive. No purification required for non-dividend paying stocks, according to S&P Shariah.
For Zakat, if you did not invest in a company from a long term perspective, then consider the shares as trading goods and give 2.5% of the total value if a year has passed on them.
Company Profile
IOUpay Limited is an Australia-based company that provides financial technology and digital commerce software solutions and services. The Company enables its institutional customers to authenticate customers and process banking, purchase and payment transactions. Its IOUpay platform enables customer communities to connect to end user customers using any mobile device and integrates mobile technology throughout its existing business and customer product offerings. Its business divisions consist of Mobile Banking, Digital Payments and Digital Services, which serve banks in Malaysia, and telecommunications and corporates in Malaysia and Indonesia. It also works with telecommunications network providers to provide mobile over-the-top services. In addition to providing secure mobile banking services connecting banks and their customers, its IOUpay platform also connects billers and end-user customers, enabling the purchase of utilities and other common household goods and services.
IOU - IOUpay Ltd
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