lecture4-typesofzakatandcalculation-100430155746-phpapp02.ppt

7/26/2019 lecture4-typesofzakatandcalculation-100430155746-phpapp02.ppt

1/54

1

ZAKAT IN ISLAM

AN OVERVIEW OF ZAKAT

SYSTEM IN MALAYSIA


2/54

2

Presentation outline

Various types of zakat

Illustration to calculate zakat

Comparison between zakat and

taxation
http://rds.yahoo.com/_ylt=A0Je5xXpsgBGdQgB5CeJzbkF;_ylu=X3oDMTBjcXBoZjEwBHBvcwMzBHNlYwNzcg--/SIG=1hq2n0ae8/EXP=1174537321/**http%3A//images.search.yahoo.com/search/images/view%3Fback=http%253A%252F%252Fimages.search.yahoo.com%252Fsearch%252Fimages%253Fp%253Dincome%2526ei%253DUTF-8%2526fr%253Dyfp-t-501%2526fp_ip%253DMY%2526x%253Dwrt%26w=500%26h=330%26imgurl=www.hateloans.info%252Fbad_credit_home_income_loan_low%252Fbad_credit_home_income_loan_low_1.jpg%26rurl=http%253A%252F%252Fwww.hateloans.info%252Fbad-credit-home-income-loan-low.php%26size=29.5kB%26name=bad_credit_home_income_loan_low_1.jpg%26p=income%26type=jpeg%26no=3%26tt=705,815%26oid=7b5e834d84304d5a%26ei=UTF-8http://rds.yahoo.com/_ylt=A0Je5xXpsgBGdQgB4ieJzbkF;_ylu=X3oDMTBjMHZkMjZyBHBvcwMxBHNlYwNzcg--/SIG=1h5rfb82i/EXP=1174537321/**http%3A//images.search.yahoo.com/search/images/view%3Fback=http%253A%252F%252Fimages.search.yahoo.com%252Fsearch%252Fimages%253Fp%253Dincome%2526ei%253DUTF-8%2526fr%253Dyfp-t-501%2526fp_ip%253DMY%2526x%253Dwrt%26w=172%26h=124%26imgurl=images.newsfactor.com%252Fimages%252Fid%252F6494%252Fbank-of-america-income_nfn.jpg%26rurl=http%253A%252F%252Fwww.newsfactor.com%252Fstory.xhtml%253Fstory_id%253D37324%26size=13.0kB%26name=bank-of-america-income_nfn.jpg%26p=income%26type=jpeg%26no=1%26tt=705,815%26oid=84fa28ae829d47c6%26ei=UTF-8http://rds.yahoo.com/_ylt=A0Je5x9ysgBGYggBxzyJzbkF;_ylu=X3oDMTBjMHZkMjZyBHBvcwMxBHNlYwNzcg--/SIG=1ibrf596j/EXP=1174537202/**http%3A//images.search.yahoo.com/search/images/view%3Fback=http%253A%252F%252Fimages.search.yahoo.com%252Fsearch%252Fimages%253Fp%253Dzakat%2526fr%253Dyfp-t-501%2526toggle%253D1%2526ei%253DUTF-8%2526vc%253D%2526fp_ip%253DMY%2526fr2%253Dtab-web%26w=375%26h=503%26imgurl=www.kloster-denkendorf.de%252Fimages%252FImages2003%252Fzakat.jpg%26rurl=http%253A%252F%252Fwww.kloster-denkendorf.de%252Fbereich_iv_gottesdienst%252C_gemeindeaufbau%252C_theologische_studien.htm%26size=15.2kB%26name=zakat.jpg%26p=zakat%26type=jpeg%26no=1%26tt=9,938%26oid=58a028fb7d391810%26ei=UTF-8


3/54

ZAKAT

ZAKAT

ZAKAT FITRAH ZAKAT ON WEALTH


4/54

Types of Zakat

1. Zakat fitrah (al-fitr) a flat fee or levy imposed on each person.

due from the starting of Ramadhan and ends before

the eid fitr prayer.

2. Zakat from earnings (al-mal) a religious levy

on wealth. raditional types of wealth sub!ect to "akat

#gricultural produce$ reared animals$ business$ gold andsilver.

%ew types of wealth sub!ect to "akat

&arious forms of wealth based on the consensus of

'slamic scholars and !urists e.g. employment income$

professional income


5/54

Zakat Al Fitr / Zakat Fitrah

o contribute a certain amount of staple food orpay an euivalent monetary amount in themonth of Ramadan before the )uslim festivecelebration or Eid al Fitr (#riff$ 1**1+.

he zakat al-fitrflat fee is one sa` a little morethan two kilograms of wheat$ barley$ dates$ or

rice or the monetary euivalent (#l ,ardawi$1**-+.


6/54

Compulsory on eery !uslim

"ot sub#ected to nisab or haul

The rate between $!% & $!' per person

(ayable from the first day of $amadhan until before theAidil Fitri prayer)

The best is on the ee of *hawal

Zakat Al Fitr / Zakat Fitrah / Zakat on *elf


7/54

ZAKAT FITRAH - Example

Can be paid in the form of staple food; rice, or in the form of money. For example: 1430H/2009, the rates were:

2.268 kg nisab ! kadar" #$2.8% according to the &al'e of fragrant rice" #$(.)* according to the &al'e of +hai rice"

Zakat bagi negeri/negeri di )alaysia bagi tahun 200*(kecuali elantan+$

mengik't tahap kehid'pan setiap negeri: elangor, -ilayah ersek't'an, ahang, erak, /edah

dan 'la' inang 0 #$1 +erenggan' 0 #$, #$1 dan #$8 3ohor 0 #$ dan #$1.4 abah 0 #$6.64 5egeri embilan 0 #$6.4 $elaka 0 #$6.*4

arawak dan erlis 0 #$6/adar 7akat ditent'kan oleh $alis 9gama 5egeri


8/54

'ncomerefers to earnings from salary$

dividends or other receivables income from

services or consultation.

alary include annual$ deferred (tunggakan+$

allowance$ commission$ bonuses$ consultation

fees.

Zakat on Wealth / Al- Mal


9/54

ZAKAT ON WEALTH / Al- Mal

Depends on the amount of wealth that you haveand how long (haul) you had it for.

Your wealth has to reached its nisab (theminimum amount upon which Zakat is payable)and reached its haul (one lunar year)

Zakat al-mal or "akat from earningsis levied onlyon )uslims whose wealth e3ceeds a thresholdcalled nisab(ahf$ 2004+.


10/54

Zakat $ate

he minimum threshold (nisab+of zakat

on savings or investments is 54 grams

of gold 6 worth.

he rate of zakatis 2.478 as for

livestock$ both the minimum threshold

and the rate depend on the type and thenumber of animals.


11/54

+ays to calculate zakat

Method 1 2.4 7 on the total annual gross income ( if the total

income is more than the nisab rate+. Example :

he total annual gross income is R)99$500.00. he "akat is R)99$500.00 3 2.4 7 : RM84!""

Method #

Zakat is paid after deducting all allowable basic e3penses.

Method $ Zakat is paid after deducting all the liabilities.


12/54

Calculation of zakat

1! %&'(()ah Method * +ap(tal ,&o-th .

;urrent capital : ?ebt

@inancial ;apital > Arofit @i3ed #sset


13/54

19

Zakat on ,usiness Income

Zakat on -mployment Income

Zakat on *ain.

Zakat on *haresZakat on old

Zakat on -(F

Zakat on CropsZakat on 0iestock

Illustration on the calculations

Types of Zakat on Wealth Al-Mal!


14/54

1C

rowth method

Capital 1 0on. Term 0iabilities 2 Fixed

assets& Inestment

The results is multiply by 3)'percent

+orkin. capital method

Current assets 2 current liabilitiesThe results multiply by 3)' percent

Zakat on "#s$ness In%ome
http://rds.yahoo.com/_ylt=A0Je5mZatQBGRO0A.0iJzbkF;_ylu=X3oDMTBjZmpxdmw3BHBvcwM3BHNlYwNzcg--/SIG=1etdfluji/EXP=1174537946/**http%3A//images.search.yahoo.com/search/images/view%3Fback=http%253A%252F%252Fimages.search.yahoo.com%252Fsearch%252Fimages%253Fp%253Dbusiness%2526ei%253DUTF-8%2526fr%253Dyfp-t-501%2526fp_ip%253DMY%2526x%253Dwrt%26w=640%26h=469%26imgurl=www.insurecolorado.biz%252FBusiness_1.jpg%26rurl=http%253A%252F%252Fwww.insurecolorado.biz%252Fabout.htm%26size=47.1kB%26name=Business_1.jpg%26p=business%26type=jpeg%26no=7%26tt=12,566,467%26oid=2e5f3f70fedbbc64%26ei=UTF-8http://rds.yahoo.com/_ylt=A0Je5mZatQBGRO0A.0iJzbkF;_ylu=X3oDMTBjZmpxdmw3BHBvcwM3BHNlYwNzcg--/SIG=1etdfluji/EXP=1174537946/**http%3A//images.search.yahoo.com/search/images/view%3Fback=http%253A%252F%252Fimages.search.yahoo.com%252Fsearch%252Fimages%253Fp%253Dbusiness%2526ei%253DUTF-8%2526fr%253Dyfp-t-501%2526fp_ip%253DMY%2526x%253Dwrt%26w=640%26h=469%26imgurl=www.insurecolorado.biz%252FBusiness_1.jpg%26rurl=http%253A%252F%252Fwww.insurecolorado.biz%252Fabout.htm%26size=47.1kB%26name=Business_1.jpg%26p=business%26type=jpeg%26no=7%26tt=12,566,467%26oid=2e5f3f70fedbbc64%26ei=UTF-8


15/54

Zakat in business

Dadith from Rasulullah s.a.w as narrated by

#bu ?audE

indeed, Rasulullah s.a.w asked us toa! zakat

from the roert! that we reare to sell"

#ll kind of businesses owned by )uslims are

sub!ect to "akat.


16/54

Conditionsto fulfill to pay zakat on

business he conditions that must be fulfilled to be

sub!ect to "akat E/

F )uslim

F # freedomperson

F he wealth must be from halal

sourcesF hose activities prohibited against 'slam

cannot be included in "akat calculation


17/54

Continue44)))

Conditionsto fulfill to pay zakat on business

F )eet the nisabat the end of haul. he nisab is 2.47 or euivalent to 54 grams of gold

F )eet the haul.

F )ust be from productive property =.g cash$ shares$ bond$ ending inventory$ fi3ed

assets (movable or immovable+$ net trade

receivable

F @ull ownership


18/54

Continue44)))

Conditionsto fulfill to pay zakat on business

F he business sources including donation are

sub!ectto "akat

F =3ist the intention to be in business he intention

he transaction

F he business property is not withdrawn for

personal use


19/54

,asic items in a business 2 "ot sub#ect

to zakat) Fixed assets (bangunan, mesin, dan alat alat

lain)

Income accrued from productive xed asset issubject to zakat

Current assets ased on t!e value of assets provided in t!e

alance s!eet or assessment on t!e inventor"#

$akat is based on t!e e%uivalent value of t!eassets

$akat is imposed on accounts receivable if it isassured t!at t!e debtor &ill pa" back

$akat &ill onl" be imposed in t!e "ear &!en t!e debt iscollected


20/54

,asic items in a business 5cont))6

Intangible assets '#g# !ares, patent, good&ill, bond, certicate of

investment are considered e%uivalent to xed assetsif t!e" are not traded but !eld in t!e purpose to gain

dividend# If t!e compan" invested in !as alread" paid zakat,

t!us t!e income is no longer subject to zakat

ong term liabilit" ong term liabillit" to nance* run t!e business is

subject to zakat

Capital and !are!olders+ fund '#g# aid up capital, premium accounts, accrued

prot are subject to zakat#


21/54

Types of calculating zakat onbusiness: Growth )odel

Bong term liability fi3ed

assets intangible assets >6/ ad!ustments

Horking ;apital )odel

;urrent assets current liability >6/

ad!ustments


22/54

Ad#ustmentsto be made to the

calculation of zakat?=?I;'


23/54

Ad#ustments to be made to the

calculation of zakat 5cont))6?=?I;'


24/54

Ad#ustments to be made to the

calculation of zakat 5cont))6#dd to current assets

F #ll gift$ donations paid by the company

#dd to current liability

F %ot related to business operation e.g.restructuring of debt

F ?ividend payable

F


25/54

24

Zakat on Employment Income

,ased on .ross income

3)' percent from the total net employment income

,ased on net income

7eduction allowed

for personal expenses $!8999

for wife $!:999 per person

for children $!;999 per person

ift/ allowances to parents& actual amount

Takaful


26/54

2

Zakat on Sain!

It is calculated based on the lowest balance in thesain. accounts

In case of more than one sain. account> the totalamount of the lowest balance need to be accounted

Zakat is payable only if the balance is more than

$!?399

*ain. accounts in Tabun. =a#i is excluded


27/54

A. Za0at '&om a5(2 depo(t! ;ash deposit in bank is "akatable. he nisab for

cash money is based on the nisab for gold i.e. 20mith#al (54 gram+ or silver (4*4 gram+.

The minimum amount payable for 141!"#$ is%&'#.%&'#.' upon which #.#.of Zakat is ta*able

+slamic calendar (354 Days), 2.5% -ormal calendar (365 Days) , 2.577% hanges according to price of #1/ gold in the

mar0et

Zakat on Sain!


28/54

HOW TO&AL&'LATE

ay in #2' minimum limit , %&'# (from 1.1.2

to 31.1#.2)

Ta0e minimum amount in account , %13'. hy5

!ence zakat, #.66* %13' , %33.1

Date ithdrawal Deposit 7alance

1.1.2 %1' %1'

.#.2 %1' %14'

4.4.2 %' %1$'

1.11.2 %4' %13'

31.1#.2 %# %13'#


29/54

2*

Zakaton Shares

0isted companies 5from *yariah Councils6

*hares owned at the end of haulperiod 3)' percent on the lowest market price of the share

*hares traded durin. the haulperiod 3)' percent on the net profit 5capital .ain6

"on&listed companies 5from *yariah Councils6

7ifficulties to determine the market alue

Zakat is calculated based on the diidend receied


30/54

he shares that invested in thecompany is usually paid in cash.

Zakat rate is 2.47 for the lowestvalue of shares. he shares must beheld by the shareholders for one yearand e3clude any loan for purchasingthe shares (if any+.

Zakaton Shares


31/54

T=- CA0C@0ATI"*

Example 1:haresownedat the end of one full year.Zakat rate is 2.4 7 on the lowest cost and the marketvalue. #""6""" 7(t o' ha&e ( *alal to30 l(ted ( S)a&(ah

Idex. x RM 1!"" *the lo-et p&(3e. 9 RM #""6""" The a0at (: RM #""6""" x #!; 9 RM6"""!

Example #E hares purchases within a year. he "akatis calculated based on 2.4 7 on the value of shares

after deducting the cost of purchasing new shares. The 5al7e o' ha&e < the 3ot o' p7&3ha(2 e- ha&e RM""6""" = RM4""6""" 9 RM1""6""" The a0at (: RM1""6""" x #! ; 9RM#6""


32/54

92

Zakat on "ol# an# Siler

$%e&ellery'

Za0at '&om 2old ad (l5e&

he gold and silver are "akatable if they fulfill the nisabrate and one year ownership (haul+.

@nused .old

*atisfied hauland nisab of 8' .ram

Value of .old as at 39/:/9B is $!B;):%/.ram

The rate is 3)' percent

@sed by the owner

"ot sub#ect to zakat


33/54

99

Zakat on EP(

"on& absolute ownership method

Zakat paid when the contributor receied the money upon

retirement

The rate is 3)' percent

Absolute ownership method

,ased on nisaband haul

*imilar to zakat on sain.

(ayable eery applicable year re.ardless the actual money not

receied by contributors


34/54

Zakat on agriculture to owner the staple foods of theparticular countries which fulfill the nisab and haul.

Zakatable grains are paddy$ dates$ corn$ wheat etc.

he nisab is 4 ausukor euivalent to 99 $antan$ %&'''k$in )alaysia.

he haulis euivalent to one full year ownership. hegrains or fruits must be planted by the farmers.

he farmers need to pay the 47 "akat rate on agricultureafter grains have been harvested.

Zakat on )rops / A!riculture


35/54

94

Zakat on )rops / A!riculture

-dible crops 5processed rice> ripe fruits> etc6

For rice> ;9 percent without irri.ation 5pen.airan

semula#adi 2 no cost6 and ' percent with irri.ation 5tiada

pen.airan semula#adi 2 with cost6

!ay be paid at the time of harest if satisfy haul and nisab

The nisab is ;999k.

ther crops based on $!?399 for the nisab 2 ,usiness

income
http://rds.yahoo.com/_ylt=A0Je5mfZswBGXNwABSaJzbkF;_ylu=X3oDMTBkbmplZzd2BHBvcwMxNARzZWMDc3I-/SIG=1iubcu9kq/EXP=1174537561/**http%3A//images.search.yahoo.com/search/images/view%3Fback=http%253A%252F%252Fimages.search.yahoo.com%252Fsearch%252Fimages%253Fp%253Dcrops%2526fr%253Dyfp-t-501%2526toggle%253D1%2526ei%253DUTF-8%2526vc%253D%2526fp_ip%253DMY%2526fr2%253Dtab-web%26w=203%26h=152%26imgurl=newsimg.bbc.co.uk%252Fmedia%252Fimages%252F41378000%252Fjpg%252F_41378740_crops_203.jpg%26rurl=http%253A%252F%252Fnews.bbc.co.uk%252Fgo%252Frss%252F-%252F2%252Fhi%252Feurope%252F4917302.stm%26size=10.6kB%26name=_41378740_crops_203.jpg%26p=crops%26type=jpeg%26no=14%26tt=237,941%26oid=e421c6820dbafbae%26ei=UTF-8%26src=phttp://rds.yahoo.com/_ylt=A0Je5mfZswBGXNwABCaJzbkF;_ylu=X3oDMTBkM2llMThuBHBvcwMxMwRzZWMDc3I-/SIG=1g4jkuku3/EXP=1174537561/**http%3A//images.search.yahoo.com/search/images/view%3Fback=http%253A%252F%252Fimages.search.yahoo.com%252Fsearch%252Fimages%253Fp%253Dcrops%2526fr%253Dyfp-t-501%2526toggle%253D1%2526ei%253DUTF-8%2526vc%253D%2526fp_ip%253DMY%2526fr2%253Dtab-web%26w=272%26h=177%26imgurl=sunderlandco-op.on.ca%252Fmedia%252Fcrops_field_02.jpg%26rurl=http%253A%252F%252Fsunderlandco-op.on.ca%252Fcrops%26size=16.6kB%26name=crops_field_02.jpg%26p=crops%26type=jpeg%26no=13%26tt=237,941%26oid=d6c7d35ce506de02%26ei=UTF-8http://rds.yahoo.com/_ylt=A0Je5mfZswBGXNwAAiaJzbkF;_ylu=X3oDMTBkaWRnNHZyBHBvcwMxMQRzZWMDc3I-/SIG=1kroo2lfg/EXP=1174537561/**http%3A//images.search.yahoo.com/search/images/view%3Fback=http%253A%252F%252Fimages.search.yahoo.com%252Fsearch%252Fimages%253Fp%253Dcrops%2526fr%253Dyfp-t-501%2526toggle%253D1%2526ei%253DUTF-8%2526vc%253D%2526fp_ip%253DMY%2526fr2%253Dtab-web%26w=480%26h=360%26imgurl=www.nekonet.ne.jp%252Fmochi%252Fassets%252Fjpg%252Fcrops%252Fkoganemochi%252Fkoganemochi_000721%252Fcrops_koganemochi_pic_0721031.jpg%26rurl=http%253A%252F%252Fwww.nekonet.ne.jp%252Fmochi%252Fcrops%252Fkoganemochi%252Fcops_koganemochi_picture01.htm%26size=48.5kB%26name=crops_koganemochi_pic_0721031.jpg%26p=crops%26type=jpeg%26no=11%26tt=237,941%26oid=d4bb5c4a3fc23f40%26ei=UTF-8http://rds.yahoo.com/_ylt=A0Je5mfZswBGXNwA.SWJzbkF;_ylu=X3oDMTBjdmNoOTVjBHBvcwMyBHNlYwNzcg--/SIG=1hlv35hma/EXP=1174537561/**http%3A//images.search.yahoo.com/search/images/view%3Fback=http%253A%252F%252Fimages.search.yahoo.com%252Fsearch%252Fimages%253Fp%253Dcrops%2526fr%253Dyfp-t-501%2526toggle%253D1%2526ei%253DUTF-8%2526vc%253D%2526fp_ip%253DMY%2526fr2%253Dtab-web%26w=500%26h=598%26imgurl=www.fse.missouri.edu%252FASEQ%252Fphotogallery%252Fimages%252Fcrops%252Fcrops3.jpg%26rurl=http%253A%252F%252Fwww.fse.missouri.edu%252FASEQ%252Fphotogallery%252Fcrops.htm%26size=113.7kB%26name=crops3.jpg%26p=crops%26type=jpeg%26no=2%26tt=237,941%26oid=f54c20ba621655ec%26ei=UTF-8


36/54

0IV-*TC


37/54

9-

Zakat on Liestock

7epend on the type of animal

:9 cows 5nisab6 2 a calf 5kadar6

%9 cows & a cow

?9 cows 2 two cales B9 cows 2 a cow and a calf

%9 2 B .oats 2 a .oat

89 2 ;; .oats 2 two .oats


38/54

Total N7m>e&

o' +o-?

@7''alo

N7m>e& o' +o-?

@7''alo 'o& a0ate3

90 9*

C0 C*

0 *-0 -*

50 5*

*0 **

100 10*110 11*

120 ke atas

1

1

21 J 1

2

9

2 J12

9 or C

)ale

@emale

)ale)ale J@emale

@emale

)ale

)ale J @emale)ale

@emale K)ale


39/54

Total N7m>e&

o' +o-?

@7''alo

A2e

90 9*

C0 C*

0 *-0 -*

50 5*

*0 **

100 10*110 11*

120 ke atas

1 year or moreL

2 years or more LL

1 year or more L1 year or moreLJ 2 years or more LL

2 years or moreLL

1 year or moreL

1 year or moreLJ 2 years or more LL1 year or moreL

1 year or moreLJ 2 years or more LL


40/54

Zakat on 0iestocks

L@or every 90 buffaloes$ the "akat rate is '

male buffalo$ aged 1 year or more.

@or every C0 buffaloes$ the "akat rate is 1

female buffalo$ aged 2 years or more. LL 'f there are mi3ed female and male$ the

owner can choose any buffalo or cow to be

paid as "akat.


41/54

-D-!(TI"

;ertain conditions that assets can be e3empted

from "akat areE

%on productive fi3ed asset$

%on current asset$ #sset which are not fully owned by the owner$

;urrent operating liability$

@und for charity$

%et receivables after "akat deduction$ and #ny receivables from D#R#)sources.


42/54

THE MEANIN( "EHIN) ZAKAT

8ffects three areas9 :orale

;conomy

ocial urroundings


43/54

,enefits of zakat

Zakat implies a deep humanitarian and social/politicalvalue such as free society from class warfare$ distrustand corruption.

Zakat will balance the socio economy in the countryand encourage the rich to help the poor continuously.

Zakat is the backbone of )uslim nationMs financial

system that keeps money in circulation.

Zakat also discourages hoarding and protect themuslims from many other vices$ as love of wealth is

the root of many immoral actions.


44/54

,enefits of zakat

he practice of "akat will produce more loving$

caring and helping society in the future.

Zakat payment will lead to growth and

development of all human beings and remove

the poor/due in the long term.

Zakat may also improve all human beings

faith and spiritual progress.


45/54

7alil 5*ources6,enefits of zakat

NWho ( he that -(ll led to Allah a 2oodl) loa6

the *Allah. -(ll (3&eae (t ma('old to h( 3&ed(t *(

&epa)(2.6 ad he -(ll ha5e *>e(de. a 2ood &e-a&d

*(!e! pa&ad(e.!

BS7&ah Al ad((d:11C

DVe&(l) *Ketah7(lah.6 thoe -ho 2(5e Sadaah *(!e!

Za0at ad alm6 et3!.6 me ad -ome6 ad led to

Allah a 2oodl) loa6 (t hall >e (3&eaed ma('old*to the(& 3&ed(t.6 ad the(& hall >e a hoo7&a>le

2ood &e-a&d *(!e! pa&ad(e.!

BS7&ah Al=ad((d :18C


46/54

7alil 5*ources6,enefits of zakat

I' )o7 led to Allah a 2oodl) loa *(!e!

ped ( AllahG +a7e. e -(ll do7>le

(t 'o& )o76 ad -(ll 'o&2(5e )o7! Ad

Allah ( Mot Read) to app&e3(ate adto &e-a&d6 Mot Fo&>ea&(2! BS7&ah

Ath=Thalaa:1HC


47/54

ZAKAT IN THE *'RAN

3 places in the ?uran stressing the importanceof @a0at9A

=B 8nd 8llah said9 =+ am with you if you perform


48/54

IN THE RE)

rom an +slamic perspective' being in debt is notencouraged9

Greatest sinis to ie in a state o! e"t# noasset to $ay it o!!

onventional loans E interest bearing and can

increase the burden of the personF

!owever' +slam encourages us to help one

anotherB


49/54

FINAN&IN(

B hence under +slamic 7an0ing , inancin&'


50/54

FINAN&IN(

Gnder +slamic financing' the customer is notusually penaliHedfor late payment

Gnder the =Ieducing 7alance> concept' if yousettle your loan before the maturity of theperiod' you do not have to pay the profit due tothe ban0 for the remaining years

inancing restructure depends on the financialcapabilityof the client


51/54

41

)omparison *et&een Zakat an#

Ta+ation System

Items Zakat Ta+

,*ectie Puri.ication o. Wealth La& o*li!ations

)alculation As preiously

hi!hli!hte#

a- . $ta+ation la&'

)oncept 0eli!ious payment *y

Muslim

Process o. raisin!

money *y !oernment

Le!islation Al 1uran/ Sunnah/

Itiha#

Statute la&

)ommon la&

I02 / L34N"ui#elines

)ollection Islamic council /PPZ I02 /L34N

4istri*ution 5 asna. $penerima

6akat'

(or !ot7 e+pen#iture

an# #eelopment7


52/54

$eferences

Oasic readingsEhttpE66www.muis.gov.sg6cms6uploaded@iles6;orporateG


53/54

49

8se.ul Links on Zakat calculation

httpE66www."akat.com.my6

httpE66www."akatpahang.com.my6

httpE66www.e/"akat.com.my


54/54

4C

T3ANK 9,8

AN9 18ESTI,NS7

Documents

lecture4-typesofzakatandcalculation-100430155746-phpapp02.ppt