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
Summit Financial Group, Inc. is a financial holding company. It provides community banking services primarily in the Eastern Panhandle, Southern and North Central regions of West Virginia, the Northern, Shenandoah Valley and Southwestern regions of Virginia and the Central region of Kentucky. It provides its services through its community bank subsidiary, Summit Community Bank (Bank). It provides a range of community banking services, including demand, savings, and time deposits; commercial, real estate and consumer loans; trust and wealth management services, and cash management services. Its loan portfolio in lending categories includes commercial, commercial real estate, construction and land development, residential real estate, consumer and mortgage warehouse lines of credit. It offers a range of financial products and services to small and medium-sized businesses. It also provides automobile loans and recreational vehicle loans. It has over 44 full-service branch locations.
SMMF - Summit Financial Group Inc
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