Towards A Unified Zakat System

5.2.10 Percentage of ZakatWhen Zakat is imposed, the percentage which should be paidto the collection authority is 2.5 percent of net profit.According to the Holy Qur'an:Of their wealth take alms (Zakat) so that thou mightestpurify and sanctify them; and pray on their behalf.(Qur'an, chapter 9: 103).After the discovery of oil in Saudi Arabia, the result hasbeen a significant increase in oil revenue, the Saudigovernment decreased the percentage of Zakat collectionfrom 2.5 percent to 1.25 percent and allowed 1.25 percentto be kept by companies (investors) to be distributed bythemselves. But Decree No. 76, dated 30/10/1976, SaudiArabian government imposed a Zakat percentage of 2.5percent of net profit. In the other GCC countries, noregulation governs this issue as yet. Only Islamic banks,however, deduct 2.5 percent from the reported net profitfor Zakat and distribute this to the needy. It was,therefore, important to investigate the perceptions, of theselected groups of respondents, regarding the Zakatpercentage that ought to be paid.Research Question (10)" What are the various perceptions, of the selectedgroups of respondents, of the percentage of Zakatthat ought to be collected?175