Towards A Unified Zakat System

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3. To what extent do you agree or disagree with each of the following statements?Zakat should be paid to collection authority, 25% othe total amount of Zakat50%75%100%',StronglyagreeAgree Indifferent Disagree Stronglydisagree4. To what extent do you agree or disagree with each of the following statements?= StronglyagreeThe current method of calculating zakat is satisfactoryThe current method of collecting zakat is satisfactoryThe current method of distributing zakat is satisfactoryagree indifferent disagree stronglydisagree5. Below are a list of statements referring to possible reasons tor the low level of zakatcollection in GCC countries, please indicate your level of agreement with each of thefollowing statements?Strongly4greeAgree ; Indifferent Disagree Strongly:`DisagreeLack of zakatregulation,Lack of Religious practiceCömpanie's try" to avoidzakat paymentsThe need for zakatregulätion has not yet been seenas a seriouspublic concern in some GCC countriesZakat regulation requires the specialities andhuman resources which the governments do notyet possess, The problem of enforcement6. Below are a list of statements relating to the potential benefit of the implementationof Zakat across GCC countries, please indicate your level of agreement with each ofthe following statements?Satisfy, religious dutiesImprove social: justiceImprove economic efficiencyImprove the reputation of companiesIncrease local investmentSAgee Indifferent Disagree' Strong SY lagreeDisagree,. -Promote charitable organisationImprove the quality of corporatefinancialreportsSection D: Zakat and financial report Section1. Please state the extent to which you agree or disagree with each of the followingstatements?Place öfzakit statement anüüal shöüld be', Stronigly. agree agi-ce indifferent disagree. - Strongly disagreeina separate sectionshariah"advisory and supervisory reportdirector's report ""-chairinan's reportaccounting policiesnotes to the financial statement .3
2. To what extent do you agree or disagree with each of the following statements?Who should audit zakat accountDept. of zakatShariah advisory and supervisoryAccountant from Islamic bankAuditorsOthers, please specifyStronglyagreeagree indifferent disagree strongly disagree3. To what extent do you agree or disagree with each of the following statements?Who should appoint shariah supervisorycommittee?CompaniesGovernmentStrongly agiee indifferent disagree stronglyagreedisagreeSalaries for shariah süpeivisory committee shouldbe paid by:Companies .`Government4. Please state to what extent you agree or disagree with each of the followingstatements:The Zakat measurement should be regulated in the:GCC countriesThe zakat disclosure should be, regulated in theGCC countriesThe zakat regulation in Saudi Arabia should beused as basisfor the other GCC countriesThe current zakat regulation in Saudi Arabia shouldbe altered in useCompanies to be requested to include section intheir annual report addressing ZakatA distinction should be made between Zakat paidby'individuals and Mat paid by, commercial firmsStrongly Agree Indifferent : Disagree Stronglyagreedisagree5. Generally Accepted Accounting Principles permit flexibility in profit measurementand this impacts on the calculation of Zakat, which of the following items bring aboutthe greatest variation in accounting measurement (please state the extent of youragreement)?DepreciationBad debt.::Allowances & reservesExpendituresEnd of service rewardsFees of firms board of Director'sSalaries, wages & similar itemsStrongly agree Agree Indifferent. , Disagree Strongly disagreeLoss from previous years4
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Towardsa unified system ofZakat acc
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ACKNOWLEDGEMENTSIN THE NAME OF ALLA
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PAGINATION ERROR INORIGINALTHESIS
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ContentsPageDeclarationiDedicationi
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4.4.1.1 Zakat on pastoral animals 1
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6.2.5 The percentage of Zakat thats
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List of tablesPageTable 2.1 Economi
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GLOSSARY OF TERMSFai property acqui
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ChapteroneIntroduction
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interest investment model, where th
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egulating Zakat has been employed a
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four countries due to the limitatio
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Co-operation Council, location, cli
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Chapter seven summarises thefinding
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ChaptertwoGeneral background to the
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in the following section, various f
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have an oil-based economy. Its oil
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anking and investment institutions
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2.1.2 KuwaitKuwait is situated at t
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2.1.2.2 Social, Cultural and politi
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Saudi Arabia is a monarchy, with st
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In addition, Saudi Arabia is also p
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important to the everyday life of S
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and the city of Abu Dhabi is the ce
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2.1.4.2 Social, Cultural and politi
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The Omani economy mainly depends on
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In recent years, the government has
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sv2ýJbbQr N m N n O h CC o O n h O
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11 percent in 1995. In Kuwait, the
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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
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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
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ChapterthreePrinciples of Islamic E
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and equitable distribution of incom
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has two main sources: primary and s
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Although various Islamic schools an
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Muslim countries such as Pakistan a
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This definition also suffers from s
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elationship that a human being must
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The search for lawful wealth is reg
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from place to place and from time t
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Movement towards greater economic a
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3.4.5 Freedom of ownership and acti
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Public ownership is also recognised
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ates in his Code and suggested the
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These last verses clearly show that
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orrower for the period of time the
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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
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3.9 Islamic Economics in Practice.A
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deficit for many years. Pakistan an
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It was argued that the goal of well
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economic activities, social and eco
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ChapterfourZakat and its position i
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Although these methods are currentl
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4.1.1 Goals of ZakatMany Muslim sch
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them to contribute positively to th
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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
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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
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the total amount becomes due. The d
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example,today is the date that Zaka
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this item should be considered as p
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Prophet's obligations. The amount o
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4.4.4.2 Starting point of Zakat dut
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such as income earned from practisi
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There is a widely known view of Mal
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amount (2.5 percent). In Saudi Arab
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4.5.2 Department of General IncomeE
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He further describes some condition
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year. Zakat is payable on both the
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through proper channels of the Prop
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therefore, make a list of the avera
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unrealised profits should be net of
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Balance Sheet 31-12-19X230-12-XXX13
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literature behind the selection of
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Zakat system supposedly to be appli
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ChapterfiveResearchmethodology5.0 I
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5.2 Research questions5.2.1 Zakat p
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distribution to those deserving it
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egulation, 1988). Companies, using
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5.2.5 Zakat regulationRegulating Za
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capital owners (Article 70).The mea
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authorities and securities regulato
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5.2.8 Variations in accounting meas
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applicability to part of the capita
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then they must be discounted since
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as well as with the standard for th
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5.2.10 Percentage of ZakatWhen Zaka
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5.2.12 Zakat location in the annual
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Zakat payer are added to the profit
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ich. This is what Islam stands agai
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eing to make it Islamic, strong, gr
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the present study would have been p
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a wide geographical area, involving
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The fifth and last part sought the
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academics, government officials, in
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Kuwait. Some individual investors c
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out of 80 (31 percent) and the Unit
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important, or agree to disagree. Th
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KW=12LNNk2 I+ 1) j=1Ellýj-3(N + 1)
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ChaptersixStatisticalanalysisofthes
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analysis of respondents background
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Education and age are not the only
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years. Twenty-three percent reveale
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6.2 Major results6.2.1 Zakat paymen
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Al-Sultan (1997) who argued that Mu
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Department of Zakat, but not to the
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ox. It is highly likely that the re
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to the national banks where the mea
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difference in means is highly insig
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collect and distribute only 1.25 pe
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The ranking of institutions' means
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Firstly, occupation seems to affect
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It was, however, roughly find two f
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collection), as the chi-square stat
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financial statements such as profit
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like to be on the safe side as far
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It is uncontested that the degree o
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espondentsseem to share some doubt
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score to themselves on the suggesti
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statistics were not significant at
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Secondly, Gulf countries have not y
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Table 6.13(b)Reasons behind low lev
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Alms (Zakat) are for the poor, the
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Table 6.14(b) Appointment and pay f
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five out of seven items, suggesting
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discussed earlier remains unchanged
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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
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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: S2. If the answer to question 1 is
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
Page 343 and 344: 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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Towards A Unified Zakat System

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