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
Invest Bank PSC is a United Arab Emirates-based public shareholding company engaged in the provision of corporate and retail banking services within the United Arab Emirates. The Bank’s financial products and services portfolio includes loans and advances, revolving overdraft facility, guarantees, foreign exchange, current accounts, call deposits, millennium investor account, auto loans, MasterCard debit cards, project and trade finance, letters of credits, collections, placement to and from banks, savings accounts, fixed deposits, personal loans, Visa International Service Association (VISA) credit cards and Internet banking. The Bank is also involved in investment activities. The Bank is active through a network of 14 branches and two offsite automated teller machines (ATMs) located across the United Arab Emirates. The Bank has one wholly owned subsidiary, ALFA Financial Services FZE.
INVESTB - Invest Bank PSC
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