Towards A Unified Zakat System

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The word optimum was chosen because it reflects the balancebetween obtaining maximum resources and taking into accountfactors such as depletion of natural resources andpollution. This definition gives the Muslim economist agreater freedom since the role of Shariah is only to keepthe boundaries, which the economist should not go beyond.For instance, a Muslim economist cannot accept Riba as partof the banking system, however, he/she is free to findalternatives which are not prohibited by Islam such asMurabahah. Similarly, he/she is not allowed to abolish<strong>Zakat</strong>, change the 2.5 percent rate or the recipients of<strong>Zakat</strong>, but the ruler is allowed to raise other taxes whenthere is a need to do so.3.3 Principles of unity and brotherhoodAs far as relationships are concerned, Islam is based ontwo main principles, the principle of Tawheed and theprinciple of brotherhood. The first principle relates tothe relationship of humans with God and the second relatesto the relationship between humans in light of the firstprinciple.Islam is a unitarian religion. Tawheed means believing inthe unity of God, which means that the most important63
elationship that a human being must have is with Allah,excluding all other similar relationships (Siddiqi, 1989).One consequence of Tawheed is that people are onlyvicegerents of God on earth. Thus, human beings' actionsmust directly or indirectly aim to please God (Choudhury,1986; Al-Habshi, 1987).The other important principle is brotherhood. Thisprinciple includes many aspects of Muslim social, economicand political activities. All activities and relationshipsmust take into account that people are equal and should co-operateas brothers.3.4 Goals of Islamic economicsIslamic economics may be seen as consisting of positivejudgements on details; it is substantially normative sinceit is based on religious values (Anwar, 1991; Al-Sadr,1980; Zarqa, 1980). This is especially true of the basicprinciples of wellbeing, social and economic justice,equitable distribution of income, and freedom of ownershipand economic activity within the context of Shariah. Theseprinciples are also the main goals of Islamic economics(Chapra, 1992).64
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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
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
Page 61 and 62: with, they all share the same faith
Page 63 and 64: " Agreement on linking the electric
Page 65 and 66: 2.4 An example of Zakat regulationA
Page 67 and 68: offices throughout the Saudi Kingdo
Page 69 and 70: future is uncertain. In trying to s
Page 71 and 72: ChapterthreePrinciples of Islamic E
Page 73 and 74: and equitable distribution of incom
Page 75 and 76: 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: This definition also suffers from s
Page 85 and 86: The search for lawful wealth is reg
Page 87 and 88: 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
Page 93 and 94: 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
Page 99 and 100: orrower for the period of time the
Page 101 and 102: choose and what maximises their uti
Page 103 and 104: eliminated at the outset in Islam.
Page 105 and 106: aspect of self-interest he or she s
Page 107 and 108: it can be said that an Islamic gove
Page 109 and 110: certain circumstances not. to cance
Page 111 and 112: 3.9 Islamic Economics in Practice.A
Page 113 and 114: 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
Page 123 and 124: 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
Page 129 and 130: sectors of the Sunni Islamic sect,
Page 131 and 132: 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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4.61. The opinion of accounting fir
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6.5 SummaryThis chapter has empiric
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ChaptersevenSummaries,conclusionand
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7.1.2 Chapter twoThis chapter provi
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(profit) with the borrower. Any dea
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countries, Zakat is paid by all tho
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Another advantage is the accumulati
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This survey reveals that almost 40
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of the total Zakat amount due. Over
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Most respondents prefer a partnersh
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measurement and disclosure of Zakat
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measurement be re-defined in such a
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" Non-monetary elements, which incl
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Table 7.1A sample of the recommende
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7.3.2.2 AllowancesThe treatment of
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Zakat at 1.5 percent of the base ra
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Traditionally, Zakat was paid to th
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eason why the survey study covered
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should be set up to at least discus
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BIBLIOGRAPHYAbbas, F. 1988. "Anivar
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Al-Shafi'i,al-Imam, 1987. al-Shafii
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Gambling T. and Abdel Karim, R. 199
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Kuran, T. 1992. The Economic system
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Taylor, T. W., and Evans, J. W. 198
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CARDIFF BUSINESS SCHOOLDirectorProf
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S2. If the answer to question 1 is
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2. To what extent do you agree or d
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i" iii. 5. ijp'ji ý)ij;; -iK.d. 9.
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cycL. oll o: ri >ý_='°9 tMýa5l1
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G, i7'1 °ßi1 5'° C, .. c ýSý y
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e:;.-. roUS pL Ll LLAI L; 111 CIA:
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" Royal Decrees and Orders "
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ZAKAT REGULATIONS (1)Article I: The
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7- For those who do not keep reliab
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No: 17/2/28/8799(»Date: 8/9/1370 H
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No. 1 7/2/28/577Date: 14/3/1376 H19
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Royal OrderTo: Mohammed Sorour -Riy
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No. 6115/1(1)Date: 5/1/1383 H.With
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'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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