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Addendum announcement from Mulkia Investment Company related to Mulkia Gulf Real Estate REIT fund board to appoint a zakat advisor to study the potential liability for zakat registration

Date of the Previous Announcement: 2020-02-04 Corresponding to 1441-06-10
URL of the Previous Announcement : link
Change Details:
Mulkia Investment Company would like to announce that after finalizing Zakat study of Mulkia Gulf Real Estate REIT fund by the Zakat advisor Messrs. Ibrahim Ahmed Al-Bassam & Co. (PKF) and for the benefit of the unitholders, the fund board has approved appointing the Zakat advisor to start the fund registration procedures for Zakat purposes at the General Authority for Zakat and Tax and making an application to register the fund starting from the date of fund inception. The fund will not bear Zakat expenses for the years 2017, 2018, and 2019. Instead, they will be paid by some major unitholders.
The Impact Caused by the Change :
It is expected that after completing the registration of the fund for Zakat purposes there will be no impact on the fund income for the years 2017, 2018 and 2019, while for the upcoming years starting from the year 2020 the fund will bear Zakat fees & expenses.
Additional Information:
The Fund’s T&C will be amended before completing the registration procedures at the General Authority for Zakat & Tax according to CMA’s and GAZT’s regulations and circulars. Any other developments will be announced in a timely manner.