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
Texas Community Bancshares, Inc. is a holding company for Mineola Community Bank, S.S.B. (the Bank). The Bank’s business consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings from the Federal Home Loan Bank of Dallas, in residential real estate loans and commercial real estate loans and, to a lesser extent, commercial loans, construction and land loans, and consumer and other loans. It also invests in securities, which consist of mortgage-backed securities and obligations issued by United States government sponsored enterprises and others, state and municipal securities, collateralized mortgage obligations, and Federal Home Loan Bank stock. It offers a variety of deposit accounts, including checking accounts, money market accounts, savings accounts and certificates of deposit accounts. Its market areas include Franklin County, Hopkins County, Smith County, Van Zandt County and Wood County.
TCBS - Texas Community Bancshares Inc
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