SANZAF says its sizeable income growth meant it could assist more local people through empowerment, poverty alleviation, education, skills-development and disaster relief, writes an Al Qalam Reporter.
The South African National Zakah Fund (SANZAF) has announced that its total income from the country’s Muslim community increased by 14%, amounting to R160 million.
In a media statement released on Wednesday, SANZAF said: “In our continued efforts to promote good governance and best practices in accountability and transparency we once again released the Audited Annual Financial Statements within 2 months of the financial year end.”
According to SANZAF’s audited Financial Statements for 2016 /2017 which was released this week, it distributed 92% of this income, totalling R147 million. Zakah disbursement, in particular, amounted to R106 million representing an increase of 6%.
“Our total funds distributed and expended in the past financial year was R147 million, compared to R151 million in the year prior. This represents a small decrease in distribution and expenditure of 3% over the previous year. Zakah distributed decreased by 8% to R106.3 million (previous year R115.2 million).
“The total income for this year was R160 million (previous year R140 million), representing a 14% increase. It must be noted that even though we experienced a receding economy donor confidence remained.”
SANZAF said the funds were disbursed through national projects and regional programmes assisting many more beneficiaries on a larger scale. SANZAF has embarked on a sustained Zakah Education Awareness strategy which positively impacted on the income.
“Through this growth, SANZAF assisted in empowering more local communities through poverty alleviation, education, skills development and disaster relief.
“In line with the focus on development, SANZAF has ensured that R24.5 million of the Zakah income received, compared to R20 million in the previous financial year, has been allocated to tertiary education, benefitting 1,064 and 1,317 students respectively”.
To view their full financials report, please go to their webpage: www.sanzaf.org.za