Saudi Arabia’s National Commercial Bank, reported a 22 per cent drop in its second-quarter profit. Michael Bou-Nacklie for The National
Saudi Arabia’s National Commercial Bank, reported a 22 per cent drop in its second-quarter profit. Michael Bou-Nacklie for The National
Saudi Arabia’s National Commercial Bank, reported a 22 per cent drop in its second-quarter profit. Michael Bou-Nacklie for The National
Saudi Arabia’s National Commercial Bank, reported a 22 per cent drop in its second-quarter profit. Michael Bou-Nacklie for The National

Saudi Arabia says no plans to increase Islamic tax on private sector


Deena Kamel
  • English
  • Arabic

Saudi Arabia clarified it has no plans to raise Zakat on the private sector after Bloomberg reported last week that the kingdom was considering to double the rate.

A report on March 6 said that Saudi Arabia was examining the regime to increase the Islamic tax paid by local lenders to as much as 20 per cent, from 10 per cent, as it seeks to boost alternative sources of revenues.

The General Authority of Zakat and Tax on Friday issued a statement on banks' religious levy saying: "The authority wished to clarify that there are no current plans to increase the Zakat levels in the private sector."

The government body said it began public consultation on a draft of Zakat regulations after making some amendments to the content of the regulations.

“All stakeholders have responded positively and stated their comments which the authority has received with interest,” the authority said without providing details.

The tax regulator has also concluded settlements with a number of financial institutions to close their pending Zakat positions.

Saudi Arabia's banking sector is changing as lenders explore mergers to gain scale by consolidating assets and competing more efficiently. The kingdom's largest lender, National Commercial Bank, in December announced merger talks with Riyad Bank.

The potential deal would follow the combination of HSBC Holdings' affiliate Saudi British Bank and Alawwal, which was backed by Royal Bank of Scotland

Saudi Arabia is the biggest banking market in the six-member economic bloc of GCC.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

UAE currency: the story behind the money in your pockets
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ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

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Gertrude Bell's life in focus

A feature film

At one point, two feature films were in the works, but only German director Werner Herzog’s project starring Nicole Kidman would be made. While there were high hopes he would do a worthy job of directing the biopic, when Queen of the Desert arrived in 2015 it was a disappointment. Critics panned the film, in which Herzog largely glossed over Bell’s political work in favour of her ill-fated romances.

A documentary

A project that did do justice to Bell arrived the next year: Sabine Krayenbuhl and Zeva Oelbaum’s Letters from Baghdad: The Extraordinary Life and Times of Gertrude Bell. Drawing on more than 1,000 pieces of archival footage, 1,700 documents and 1,600 letters, the filmmakers painstakingly pieced together a compelling narrative that managed to convey both the depth of Bell’s experience and her tortured love life.

Books, letters and archives

Two biographies have been written about Bell, and both are worth reading: Georgina Howell’s 2006 book Queen of the Desert and Janet Wallach’s 1996 effort Desert Queen. Bell published several books documenting her travels and there are also several volumes of her letters, although they are hard to find in print. Original documents are housed at the Gertrude Bell Archive at the University of Newcastle, which has an online catalogue.
 

if you go

The flights

Air France offer flights from Dubai and Abu Dhabi to Cayenne, connecting in Paris from Dh7,300.

The tour

Cox & Kings (coxandkings.com) has a 14-night Hidden Guianas tour of Guyana, Suriname and French Guiana. It includes accommodation, domestic flights, transfers, a local tour manager and guided sightseeing. Contact for price.

Four-day collections of TOH

Day             Indian Rs (Dh)        

Thursday    500.75 million (25.23m)

Friday         280.25m (14.12m)

Saturday     220.75m (11.21m)

Sunday       170.25m (8.58m)

Total            1.19bn (59.15m)

(Figures in millions, approximate)

UAE Falcons

Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.

 
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Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills