On April 5, 2023, the Zakat, Tax and Customs Authority (ZATCA) and Riyad Bank inked a Memorandum of Cooperation (MoC) to strengthen partnership with “Zakaty" in the presence of H.E. Abdullah bin Mohammed Al-Sadhan, Vice Governor of the Zakat, Tax, and Customs Authority for Operations.

By incorporating the "Zakaty" service into Riyad Bank's digital channels, the parties to the MoC will be able to work together on creating options and services for the "Zakaty" platform.

Mr Amar bin Abdullah Al-Hajjaj, Deputy Governor of Research & Zakat Advisory at ZATCA, and Mr Mohammed Abu Al-Naja, Chief Corporate Banking Officer (CCBO) at Riyad Bank inked the MoC.

ZATCA have signed the MoC to establish an integrated zakat ecosystem. This initiative will leverage digital platforms provided by Riyad Bank to offer integrated solutions. This will allow individuals to more simply and conveniently pay their zakat through electronic payment channels, benefiting those who are eligible for social insurance.

ZATCA offers "Zakaty" service via "Zakaty" App and website, allowing individuals to calculate and pay Zakat through secure and trusted payment methods in banks, such as “Sadad", "Apple Pay," Mada, Visa, and other secure methods that ensure the speed and flexibility of executing Zakat delivery for eligible beneficiaries. It is also possible to select eligible categories from those registered in the Social Security system, including families in most need of housing, divorced families, families of prisoners, and other eligible people.