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The Dubai Islamic Bank has donated Zakat money worth AED6.5 million to support the program and projects of the Emirates Red Crescent
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Both sides signed a cooperation agreement to coordinate the distribution of the donation to those eligible to receive Zakat
The Emirates Red Crescent, the Islamic world’s equivalent of the Red Cross, has received a donation of AED6.5 million ($1.77 million) in the form of Zakat from the Dubai Islamic Bank, said reports on Monday, June 14.
The donation from DIB, the largest Islamic bank in the United Arab Emirates, is in line with the annual Islamic almsgiving process and is expected to aid the programs of the ERC, the reports added.
Both sides signed a cooperation agreement to coordinate the distribution of the donation to those eligible to receive Zakat, which is calculated as 2.5% of all wealth a person or an entity that needs to be donated for the lesser fortunate.
The bank’s administration welcomed the move and the signing of the agreement with the ERC, which took place after several joint coordination meetings, as it will help establish a framework for enabling community partnerships and implementing joint initiatives in the future.
Salem Al Ameri, deputy secretary-general for Local Affairs at the ERC, highlighted the organization’s appreciation for the bank’s initiatives, which support the ERC’s humanitarian efforts, noting that the bank is a key partner and major supporter of the ERC’s programs and projects.