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Saturday , November 28 2020

Two MPs submit draft to amend Law No 5/1982 on Bait Al-Zakaat

Proposal to transform 10 blocks in 4 areas

KUWAIT CITY, Sept 14: MPs Omar Al-Tabtabaei and Abdullah Al-Kandari have submitted a bill to amend law number 5/1982 on the establishment of Bait Al-Zakaat to put it under the umbrella of the Finance Ministry. In their explanatory note, the MPs explained that Bait Al-Zakaat’s operations have increased ten-folds over the past couple of years.

Although the existing law is solid, it does not cover the financial intricacies of Bait Al-Zakaat’s current operations considering it must comply with international standards, they added.

Therefore, the bill stipulates putting Bait Al-Zakaat under the supervision of the Ministry of Finance in order to ensure sound management, maintain solid growth and effectively address any unforeseen financial situation. The bill will also change the managerial structure of Bait Al-Zakaat to further guarantee stability of operations and maximize productivity as humanitarian efforts are being exerted, while its large financial portfolio requires comprehensive management and supervision.

In another development, Al-Kandari has submitted a proposal to transform 10 blocks in four areas from private residential to commercial – Block 10 in Khaitan; Blocks 12 and 13 in Rumaithiya; Blocks 63, 64, 66 and 80 in Salmiya; and Blocks 66, 71 and 72 in Farwaniya.

The MP explained this step is necessary to pave way for the country’s transformation into a financial hub; especially since the urban plans should reflect the political, social, environmental and financial goals of the country, and the last time these plans were revised was in 2008. He added population growth was not taken into consideration in the last revision of these plans, such that the above mentioned blocks are densely populated – mostly bachelors and this further necessitates the implementation of his proposal.


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