Fund management is not required to pay zakah on the assets of the fund unless if it is mandatory by law that the fund itself pays the zakah obligation, if the fund’s charter or by-laws require so, or if its shareholders/ unitholders have agreed, through a resolution made in periodical meetings or by proxy, that it is the fund’s responsibility to carry out the payment of zakah.

Otherwise, zakah payment is the responsibility of shareholders/ unitholders each by his own.