National Business Zakat Symposium

In partnership with

8 October 2013, TuesdayIstana Hotel, Kuala Lumpur

Application of Accounting for Business Zakat:Philosophy, Principles and Practices

Co-Organised by

Who should attend• Accountants• Auditors• Financial Controllers• Tax Agents / Advisors / Consultants• Academics• Business Owners

AimsThe aims of this symposium are:• To enhance understanding about the proper accounting for business zakat and discuss current and potential issues regarding the

implementation of accounting for business zakat.• To promote the standardization of accounting practice for business zakat in Malaysia.• To promote a meaningful relationship between accounting practitioners and zakat authorities.

In 2006, the Malaysian Accounting Standard Board (MASB) issued an Islamic technical pronouncement on zakat MASB TR i-1 Accounting for Zakat on Business. The purpose of the pronouncement is to standardise the practice of zakat calculation and disclosure in financial statements. Malaysia is among a few countries that has a proper pronouncement on accounting for business zakat.

With the increasing amount of business zakat collected and zakat payers, understandability towards the application of this pronouncement becomes very important. Currently, business zakat is the second highest zakat being collected in the country. Zakat collection centres in most of the states in Malaysia have appointed many accounting firms and tax agents as their zakat assessor. Hence, knowledge on accounting for business zakat becomes very important for accountants.

Zakat needs to be systematically managed to ensure a proper financial and accountability towards the main stakeholders that is the donating Muslims and the rightful recipients and beneficiaries. Since accounting is a tool to record business transactions, companies rely heavily on the accounting information to assess the amount of zakat to be paid. Thus, undeniably accounting and zakat cannot be separated.

However, the current practice on business zakat is facing difficulties as a result of the gap between accounting information disclosure and information needed for zakat calculation. Financial reporting prepared based on the conventional standard cannot fully satisfy the information needed to calculate zakat. A thorough review of the notes to the accounts is needed to calculate business zakat. Furthermore, many practitioners are confused by assuming that zakat assessment is similar to taxation assessment.

Due to the increase of zakat payers, especially from businesses, the knowledge on zakat accounting needs to be enhanced. This one-day Symposium is designed to convey accounting knowledge on business zakat to the accounting practitioners and preparers. The philosophy of zakat, zakatable items for businesses, requirement of MASB TR i-1 and future direction of zakat accounting will be thoroughly discussed during the symposium. It is hoped that a standardization of practice on business zakat in Malaysia can be enhanced through this symposium.

• Zakat Authorities• Zakat payers • Key figures involved in Islamic Finance, regulators, educational

institutions and senior representatives from businesses across the financial spectrum including banks, takaful companies, accounting firms and other major centres of Islamic finance.

• Students

Programme8.30 a.m. Registration of Participants

9.00 a.m. Welcome AddressY.Bhg Dato’ Seri Prof. Dr. Mashkuri YaacobVice Chancellor, Universiti Tenaga Nasional (UNITEN)

En. Johan IdrisPresident, Malaysian Institute of Accountants (MIA)

Keynote AddressTBA

9.45 a.m. Coffee Break

10.00 a.m. Session 1 | Theme: The Obligation To Pay ZakatModerator: Dr. Engku Muhammad Tajuddin Bin Engku AliFakulti Pengajian Kontemporari Islam, Universiti Sultan Zainal Abidin (UniSZA)

Zakat Obligation: Wisdom and PhilosophySpeaker: Dr. Zaharuddin Abd RahmanAssistant Professor, Kulliyyah of Economics, International Islamic University Malaysia (IIUM)

Who Needs To Pay Zakat: Obligation and RegulationSpeaker: Dr. Aznan HasanAssistant Professor, Kulliyyah of Laws, International Islamic University (IIUM)

Q&A Session

11.15 a.m. Session 2 | Theme: Business Zakat Assessment and AdministrationModerator:Dr. Hairul Suhaimi bin NaharDepartment of Accounting & Finance, Universiti Putra Malaysia (UPM)

Zakat Management: Challenges and ProspectsSpeaker: Tuan Haji Mohamed Izam bin Mohamed Yusof, Chief Executive Officer, Lembaga Zakat Selangor

Integration of Business Zakat Principles into Accounting Practices Speaker:Y.Bhg Dato’ Syed Mohd Ghazali Wafa Syed Adwam WafaChief Executive Officer, Koperasi Pembiayaan Asyariah Angkasa Berhad (Project Leader, MASBTR i-1 Accounting for Zakat on Business)

Zakat Assessment: PPZ ExperienceSpeaker: Tuan Haji Mohd Rais Hj. AliasChief Executive Officer, Pusat Pungutan Zakat Wilayah Persekutuan (PPZWP)

Q&A Session

1.00 p.m. Lunch

2.00 p.m. Session 3 | Theme: Accounting and Tax Treatment for ZakatModerator:Dr. Bakhtiar bin AlraziHead of Accounting Department, College of Business Management and Accounting, Universiti Tenaga Nasional (UNITEN)

MASB TR i-1: Accounting Principles and ApplicationSpeaker: Mas Sukmawati Abu BakarAssociate Director, Islamic Research, Malaysian Accounting Standards Board (MASB)

Zakat Disclosure: Challenges and Way ForwardSpeaker: Mohd Rizuan Abdul KadirCollege of Business Management and Accounting, Universiti Tenaga Nasional (UNITEN)

Emerging Issues on Accounting and Reporting for ZakatSpeaker: Professor Dr. Abdul Rahim Abdul RahmanVice Chancellor, Kuala Lumpur Metropolitan University College (KLMUC)

Zakat and Tax TreatmentSpeaker: En. Shahizan Md. NohCouncil Member, Malaysian Association of Tax Accountants (MATA)

Q&A Session

3.45 p.m. Coffee Break

4.00 p.m. FORUMZakat Practice and Sharing of Experience: How Do We Do It?Moderator:Abdul Rahim Abdul HamidChair, MIA Islamic Finance Committee, Malaysian Institute of Accountants (MIA)

Panels:• Y.Bhg Datuk Mustafha Hj. Abd. Razak

Managing Director, Bank Rakyat

• Y.Bhg Datuk Seri Haji Syed Zainal Abidin b. Syed Mohamed TahirExecutive Chairman, Brainy Bunch Islamic Montessori

• Salihin AbangFounder and Managing Partner, SALIHIN

Q&A Session

5.15 p.m. End of Symposium

REGISTRATION FORM

PAYMENT DETAILS

FOR ENQUIRY AND REGISTRATION

TERMS & CONDITIONS

REGISTRATION FEE MIA Member : RM 200.00 per person** | Non-MIA Member : RM 250.00 per person** | Student : RM100.00 per person

Payment by Cheque (Payable to “MIA-ZAKAT SYMPOSIUM” or bank in to CIMB Islamic account no. 1421-0000534-102)

Bank and Cheque No. : Amount (RM) :

Payment by L/O (for Civil Servants and Employees of Malaysian Government Agencies only)

No. Pesanan Kerajaan (L/O) : Amount (RM) :

NATIONAL BUSINESS ZAKAT SYMPOSIUM8 October 2013, Tuesday | Istana Hotel Kuala Lumpur

Malaysian Institute of AccountantsContact: Ms. Surinder / Puan Farah SalwaniTel: 03-2279 9245 / 9375 | Fax: 03-2273 1016Email:paib@mia.org.my

Dewan AkauntanNo. 2, Jalan Tun Sambanthan 3Brickfields50470 Kuala Lumpur

NOTE: Registration Fee includes lunch and two coffee breaks.

CANCELLATION / TRANSFERUpon registering, participants are considered successfully enrolled in the event. Should participants decide to cancel /transfer their enrollment, a cancellation / transfer fee will be levied.

DISCLAIMER

Malaysian Institute of Accountants (MIA) reserve the right to change the speaker(s), date(s) and to cancel the programme should circumstances beyond its control arises. MIA also reserve the right to make alternative arrangements without prior notice should it be necessary to do so. Upon signing the registration form, you are deemed to have read and accepted the terms and conditions.

CERTIFICATE OF ATTENDANCE AND CPE HOURS• Upon attending the 1-day Symposium, participants will be issued an “E-Certificate”.

Participants will receive an email with a download link and are required to download the e-certificate within 30 days. For this purpose, it is compulsory to fill in the email address clearly.

• For MIA members, the CPE hours will be credited into the Membership System within 2 weeks after the Symposium.

DATA PROTECTIONPersonal data is gathered in accordance with the Personal Data Protection Act 2010 (Act 709).

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** Enjoy 5% discount off total fee for registration of 5 pax and above from the same organisation (not applicable for Students).

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