Towards A Unified Zakat System

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ChapterthreePrinciples of Islamic economics3.0 Introduction 523.1 Islamic dimensions to the study 543.2 Islamic economics 593.3 Principles of unity and brotherhood 633.4 Goals of Islamic economics 643.4.1 Economic wellbeing 653.4.2 Social justice 673.4.3 Economic justice 683.4.4 Equitable distribution of income 703.4.5 Freedom of ownership and activity 723.5 Islamic prohibition of riba 743.5.1 Definition of riba and reasons forits prohibition in Islamic economics 753.5.2 Reasons behind the prohibition of riba 783.5.3 Types of riba 793.6 Islamic economics and ethics 803.7 Islam and economic problems 863.8 Economic intervention by the state 873.9 Islamic economic in practice 923.10 Summary 95Chapte r fourZakat and its position in Islam4.0 Introduction 994.1 Principles of Zakat 1014.1.1 Goals of Zakat 1034.1.1.1 Religious goals 1034.1.1.2 Social goals 1044.1.1.3 Economic goals 1044.2 Beneficiaries of Zakat 1054.3 Entities and wealth subject to Zakat 1084.3.1 Entities 1084.3.2 Wealth 1114.3.2.1 Complete ownership 1114.3.2.2 Actual growth or ability to grow 1144.3.2.3 Ownership of a specified level of wealth 1154.3.2.4 The passage of a year 1164.4 Zakat on capital and its proceeds 1164.4.1 Zakat on animal wealth 116vi'
4.4.1.1 Zakat on pastoral animals 1174.4.1.2 Situations to be observed 1174.4.2 Zakat on cash and near cash assets 1194.4.2.1 Zakat on gold and silver 1194.4.2.2 Zakat on paper money 1204.4.2.3 Zakat on stocks and securities 1224.4.3 Zakat pool of cash and near cash items 1234.4.4 Zakat on agricultural produce 1254.4.4.1 Types of agricultural producesubject to Zakat 1264.4.4.2 Starting point of Zakat duty 1284.4.4.3 Amount of Zakat on agricultural produce 1294.4.5 Zakat on income from labourand professions 1294.4.5.1 Zakat on personal income 1294.4.5.2 Zakat on minerals 1314.4.5.3 Zakat on catches from the sea 1324.5 Authorities responsible for thecollection of Zakat 1334.5.1 Department of Zakat and Income 1344.5.2 Department of General Income 1364.5.3 Authority responsible for thedistribution of Zakat 1364.6 Zakat on assets of trade 1374.6.1 Classification of commercial assets 1404.6.2 Current assets 1414.6.2.1 Cash and debtors 1414.6.2.2 Stock 1424.6.3 Liabilities arising from current assets 1444.6.4 Calculating the Zakat base 145-4.6.4.1Direct method 1454.6.4.2 Indirect method 1464.7 Summary 149u knowmy home phoneChapterfiveResearchmethodology5.0 Introduction 1535.1 Study objectives 1545.2 Research questions 1555.2.1 Zakat payment 1555.2.2 Compulsory nature of Zakat 1565.2.3 Zakat accounting 158VIII
Page 1 and 2: Towardsa unified system ofZakat acc
Page 3 and 4: ACKNOWLEDGEMENTSIN THE NAME OF ALLA
Page 5 and 6: PAGINATION ERROR INORIGINALTHESIS
Page 7: ContentsPageDeclarationiDedicationi
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
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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
Page 161 and 162:
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
Page 173 and 174:
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
Page 187 and 188:
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
Page 199 and 200:
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
Page 205 and 206:
the present study would have been p
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a wide geographical area, involving
Page 209 and 210:
The fifth and last part sought the
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academics, government officials, in
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Kuwait. Some individual investors c
Page 215 and 216:
out of 80 (31 percent) and the Unit
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important, or agree to disagree. Th
Page 219 and 220:
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
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
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Secondly, Gulf countries have not y
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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
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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
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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 "
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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
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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