The Swiss Zakat Foundation focuses on managing Zakat, the third pillar of Islam, which is a huge undertaking on a daily basis. That is exactly why we have our accounts audited every year by world-renowned specialists.
This is our annual Zakat audit. We believe it is important that this information is available to everyone, which is also the case for our results, operations and organization.
Strategic Partnership with NZF WorldWide
Our strategic partnership with NZF WorldWide (NZF WW) allows us to anticipate future developments and provide appropriate answers to the most complex questions concerning Zakat. An example of this collaboration can be seen with the annual Zakat audits. An expert auditor and Zakat specialist, Mufti Faraz Adam, conducts this audit. The results are used to further optimize our processes and organization.
The 2 types of audits the Swiss Zakat Foundation undergoes
At the Swiss Zakat Foundation, we think it is important to have two types of audits:
- An external financial audit: the SZF undergoes an annual financial audit which, due to its status as a foundation, is required by law.
- An external Zakat audit: It is important for the SZF to undergo a Zakat audit because we see it as our duty to the contributors who give their Zakat through the FSZ. But also because it is so important for us to improve the management of Zakat and to detect any possible flaws in our procedures.
It is also important and we see it as an advantage to be audited by NZF WorldWide as it is the most competent institution in this field nowadays. UN-related organizations such as UNRWA or UNDP are also audited by NZF WorldWide (see article).
Impact and audit
The audit was conducted in the following areas:
- Governance and management
- Sharia compliance
- Calculating equipment and Zakat calculator
- Application procedure
- Distribution strategy
- Fieldworker guidelines, CRM and distribution processes
- Organizational culture