Prominent Saudi businessman Saleh Kamel has estimated the total value of Zakat in the Kingdom at SR 1 trillion. Kamel, who is also chairman of the Islamic Chamber of Commerce and Industry, said people should pay Zakat for real estate properties that have been for sale.
If we collect and use Zakat properly, it can bring about substantial improvement in our economic condition,” Kamel told a gathering of businessmen and academics in Madinah as reported by ARABNEWS. He added: “If we had collected Zakat from real estate properties we would not have faced the housing or land problems.
Referring to the global economic crisis, he said it would not have taken place if the world had implemented a small Hadith of the Prophet (peace be upon him), which says: “Don’t sell what you don’t possess”.