Towards A Unified Zakat System

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DECLARATIONThis work has not previously been accepted in substance forany degree and is not being concurrently submitted incandidature for any degreeSigned----------- --------(Abdullah Al-Utaibi - student)Date ---ýý-ýLLII-I-q. T --=------STATEMENT 1This thesis is the result of my own investigations, exceptwhere otherwise stated. Other sources are acknowledgedgiving explicit references. A bibliography is appended.Signed---------- - -------(Abdullah Al-Utaibi - student)Date----26-/ IL , -Lci-`1-4-------STATEMENT 2I hereby give consent for my thesis, if accepted, to beavailable for photocopy and for inter-library loan, and forthe title and summary to be made available to outsideorganisations.Signed--- ---- -- -------(Abdullah Al-Utaibi - student)41 /JT9-ýDate----2-6-------1
ACKNOWLEDGEMENTSIN THE NAME OF ALLAH, MOST GRACIOUS, MOST MERCIFULI AM THANKFUL TO ALMIGHTY ALLAH FOR HIS GUIDANCE AND BLESSINGON THE SUCCESS OF MY EFFORTS DURING THE COURSE OF THIS STUDY.Then I would like to express my deepest thanks to a numberof very special individuals and organisations who have madea valuable contribution to this thesis.Firstly, I owe a major debt of gratitude to my supervisorDr. Kamal Naser for his sustained interest, help as well asfriendly encouragement, during my study at the Universityof Cardiff. Secondly, special thanks and gratitude are dueto the director, deputy directors and the head ofAccounting and Finance Section, Cardiff University.My appreciation also goes to Mr. Tawfeek Al-Khyal,Mr. Saleh AlMahmoud, Ibrahim Al-Taweel, Dr. AbdulmajedAbdulgani, Dr. Yahya Younis, Ammar Al-Khshram, AhmmadAl-Sharif and khalid Al-Khateb for the generousencouragement, ideas and advice provided in the preparationof my thesis. Thanks go to all the librarians at thebusinessschool.Thirdly, I would like to emphasis my gratitude to my motherfor her love, prayers and encouragement, and to all my11
Page 1: Towardsa unified system ofZakat acc
Page 5 and 6: PAGINATION ERROR INORIGINALTHESIS
Page 7 and 8: ContentsPageDeclarationiDedicationi
Page 9 and 10: 4.4.1.1 Zakat on pastoral animals 1
Page 11 and 12: 6.2.5 The percentage of Zakat thats
Page 13 and 14: List of tablesPageTable 2.1 Economi
Page 15 and 16: GLOSSARY OF TERMSFai property acqui
Page 17 and 18: ChapteroneIntroduction
Page 19 and 20: interest investment model, where th
Page 21 and 22: egulating Zakat has been employed a
Page 23 and 24: four countries due to the limitatio
Page 25 and 26: Co-operation Council, location, cli
Page 27 and 28: Chapter seven summarises thefinding
Page 29 and 30: ChaptertwoGeneral background to the
Page 31 and 32: in the following section, various f
Page 33 and 34: have an oil-based economy. Its oil
Page 35 and 36: anking and investment institutions
Page 37 and 38: 2.1.2 KuwaitKuwait is situated at t
Page 39 and 40: 2.1.2.2 Social, Cultural and politi
Page 41 and 42: Saudi Arabia is a monarchy, with st
Page 43 and 44: In addition, Saudi Arabia is also p
Page 45 and 46: important to the everyday life of S
Page 47 and 48: and the city of Abu Dhabi is the ce
Page 49 and 50: 2.1.4.2 Social, Cultural and politi
Page 51 and 52: The Omani economy mainly depends on
Page 53 and 54:
In recent years, the government has
Page 55 and 56:
sv2ýJbbQr N m N n O h CC o O n h O
Page 57 and 58:
11 percent in 1995. In Kuwait, the
Page 59 and 60:
general. All countries, except Qata
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with, they all share the same faith
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" Agreement on linking the electric
Page 65 and 66:
2.4 An example of Zakat regulationA
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offices throughout the Saudi Kingdo
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future is uncertain. In trying to s
Page 71 and 72:
ChapterthreePrinciples of Islamic E
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and equitable distribution of incom
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has two main sources: primary and s
Page 77 and 78:
Although various Islamic schools an
Page 79 and 80:
Muslim countries such as Pakistan a
Page 81 and 82:
This definition also suffers from s
Page 83 and 84:
elationship that a human being must
Page 85 and 86:
The search for lawful wealth is reg
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from place to place and from time t
Page 89 and 90:
Movement towards greater economic a
Page 91 and 92:
3.4.5 Freedom of ownership and acti
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Public ownership is also recognised
Page 95 and 96:
ates in his Code and suggested the
Page 97 and 98:
These last verses clearly show that
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orrower for the period of time the
Page 101 and 102:
choose and what maximises their uti
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eliminated at the outset in Islam.
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aspect of self-interest he or she s
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it can be said that an Islamic gove
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certain circumstances not. to cance
Page 111 and 112:
3.9 Islamic Economics in Practice.A
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deficit for many years. Pakistan an
Page 115 and 116:
It was argued that the goal of well
Page 117 and 118:
economic activities, social and eco
Page 119 and 120:
ChapterfourZakat and its position i
Page 121 and 122:
Although these methods are currentl
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4.1.1 Goals of ZakatMany Muslim sch
Page 125 and 126:
them to contribute positively to th
Page 127 and 128:
een distributed to non-profit Musli
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sectors of the Sunni Islamic sect,
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4.3.2 WealthThe teachings of the pr
Page 133 and 134:
Islam without regard to any debt on
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4.3.2.4 The passage of a yearThe pa
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oken bones, or gouged eyes (Joan, 1
Page 139 and 140:
the total amount becomes due. The d
Page 141 and 142:
example,today is the date that Zaka
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this item should be considered as p
Page 145 and 146:
Prophet's obligations. The amount o
Page 147 and 148:
4.4.4.2 Starting point of Zakat dut
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such as income earned from practisi
Page 151 and 152:
There is a widely known view of Mal
Page 153 and 154:
amount (2.5 percent). In Saudi Arab
Page 155 and 156:
4.5.2 Department of General IncomeE
Page 157 and 158:
He further describes some condition
Page 159 and 160:
year. Zakat is payable on both the
Page 161 and 162:
through proper channels of the Prop
Page 163 and 164:
therefore, make a list of the avera
Page 165 and 166:
unrealised profits should be net of
Page 167 and 168:
Balance Sheet 31-12-19X230-12-XXX13
Page 169 and 170:
literature behind the selection of
Page 171 and 172:
Zakat system supposedly to be appli
Page 173 and 174:
ChapterfiveResearchmethodology5.0 I
Page 175 and 176:
5.2 Research questions5.2.1 Zakat p
Page 177 and 178:
distribution to those deserving it
Page 179 and 180:
egulation, 1988). Companies, using
Page 181 and 182:
5.2.5 Zakat regulationRegulating Za
Page 183 and 184:
capital owners (Article 70).The mea
Page 185 and 186:
authorities and securities regulato
Page 187 and 188:
5.2.8 Variations in accounting meas
Page 189 and 190:
applicability to part of the capita
Page 191 and 192:
then they must be discounted since
Page 193 and 194:
as well as with the standard for th
Page 195 and 196:
5.2.10 Percentage of ZakatWhen Zaka
Page 197 and 198:
5.2.12 Zakat location in the annual
Page 199 and 200:
Zakat payer are added to the profit
Page 201 and 202:
ich. This is what Islam stands agai
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eing to make it Islamic, strong, gr
Page 205 and 206:
the present study would have been p
Page 207 and 208:
a wide geographical area, involving
Page 209 and 210:
The fifth and last part sought the
Page 211 and 212:
academics, government officials, in
Page 213 and 214:
Kuwait. Some individual investors c
Page 215 and 216:
out of 80 (31 percent) and the Unit
Page 217 and 218:
important, or agree to disagree. Th
Page 219 and 220:
KW=12LNNk2 I+ 1) j=1Ellýj-3(N + 1)
Page 221 and 222:
ChaptersixStatisticalanalysisofthes
Page 223 and 224:
analysis of respondents background
Page 225 and 226:
Education and age are not the only
Page 227 and 228:
years. Twenty-three percent reveale
Page 229 and 230:
6.2 Major results6.2.1 Zakat paymen
Page 231 and 232:
Al-Sultan (1997) who argued that Mu
Page 233 and 234:
Department of Zakat, but not to the
Page 235 and 236:
ox. It is highly likely that the re
Page 237 and 238:
to the national banks where the mea
Page 239 and 240:
difference in means is highly insig
Page 241 and 242:
collect and distribute only 1.25 pe
Page 243 and 244:
The ranking of institutions' means
Page 245 and 246:
Firstly, occupation seems to affect
Page 247 and 248:
It was, however, roughly find two f
Page 249 and 250:
collection), as the chi-square stat
Page 251 and 252:
financial statements such as profit
Page 253 and 254:
like to be on the safe side as far
Page 255 and 256:
It is uncontested that the degree o
Page 257 and 258:
espondentsseem to share some doubt
Page 259 and 260:
score to themselves on the suggesti
Page 261 and 262:
statistics were not significant at
Page 263 and 264:
Secondly, Gulf countries have not y
Page 265 and 266:
Table 6.13(b)Reasons behind low lev
Page 267 and 268:
Alms (Zakat) are for the poor, the
Page 269 and 270:
Table 6.14(b) Appointment and pay f
Page 271 and 272:
five out of seven items, suggesting
Page 273 and 274:
discussed earlier remains unchanged
Page 275 and 276:
4.61. The opinion of accounting fir
Page 277 and 278:
6.5 SummaryThis chapter has empiric
Page 279 and 280:
ChaptersevenSummaries,conclusionand
Page 281 and 282:
7.1.2 Chapter twoThis chapter provi
Page 283 and 284:
(profit) with the borrower. Any dea
Page 285 and 286:
countries, Zakat is paid by all tho
Page 287 and 288:
Another advantage is the accumulati
Page 289 and 290:
This survey reveals that almost 40
Page 291 and 292:
of the total Zakat amount due. Over
Page 293 and 294:
Most respondents prefer a partnersh
Page 295 and 296:
measurement and disclosure of Zakat
Page 297 and 298:
measurement be re-defined in such a
Page 299 and 300:
" Non-monetary elements, which incl
Page 301 and 302:
Table 7.1A sample of the recommende
Page 303 and 304:
7.3.2.2 AllowancesThe treatment of
Page 305 and 306:
Zakat at 1.5 percent of the base ra
Page 307 and 308:
Traditionally, Zakat was paid to th
Page 309 and 310:
eason why the survey study covered
Page 311 and 312:
should be set up to at least discus
Page 313 and 314:
BIBLIOGRAPHYAbbas, F. 1988. "Anivar
Page 315 and 316:
Al-Shafi'i,al-Imam, 1987. al-Shafii
Page 317 and 318:
Gambling T. and Abdel Karim, R. 199
Page 319 and 320:
Kuran, T. 1992. The Economic system
Page 321 and 322:
Taylor, T. W., and Evans, J. W. 198
Page 323 and 324:
CARDIFF BUSINESS SCHOOLDirectorProf
Page 325 and 326:
S2. If the answer to question 1 is
Page 327 and 328:
2. To what extent do you agree or d
Page 329 and 330:
i" iii. 5. ijp'ji ý)ij;; -iK.d. 9.
Page 331 and 332:
cycL. oll o: ri >ý_='°9 tMýa5l1
Page 333 and 334:
G, i7'1 °ßi1 5'° C, .. c ýSý y
Page 335 and 336:
e:;.-. roUS pL Ll LLAI L; 111 CIA:
Page 337 and 338:
" Royal Decrees and Orders "
Page 339 and 340:
ZAKAT REGULATIONS (1)Article I: The
Page 341 and 342:
7- For those who do not keep reliab
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No: 17/2/28/8799(»Date: 8/9/1370 H
Page 345 and 346:
No. 1 7/2/28/577Date: 14/3/1376 H19
Page 347 and 348:
Royal OrderTo: Mohammed Sorour -Riy
Page 349 and 350:
No. 6115/1(1)Date: 5/1/1383 H.With
Page 351 and 352:
'Zakat & Income Tax Department Bran
Page 353 and 354:
Kingdom of Saudi Arabia.Ministry of
Page 355 and 356:
Ministry of Finance & National Econ
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