Towards A Unified Zakat System

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The second place: stated in Sura al-Nisa', verses 159 and160:Because of the wrongdoing of the Jews, we forbade themgood things which were (before) made lawful unto them,and because of their much hindering from Allah's way.And of their taking usury when they were forbidden,and have their devouring people's wealth by falsepretences. We have prepared for those of them whodisbelieve a painful doom.In this second occurrence, the warning is stronger but isdirected against the Jews. It cannot be said that by thisstage usury was definitely prohibited by the Qur'an,although there a clear warning against it, since whatapplies to Jews should apply to Muslims.The third place: stated in Sura Al 'Imran, verse 130:O ye who believe! Devour not usury, doubling andquadrupling (the sum lent). Observe your duty toAllah, that ye may be successful.This is the first place where the Qur'an unambiguouslyprohibits riba, although the language is still mildcompared to the final place.The fourth place: is the complete and decisive prohibitionof usury in small and large amounts (Ismail, 1990). It isstated in Sura al-Baqarah, verses 278 and 279:O ye who believe! Observe your duty to Allah, and giveup what remaineth (due to you) from usury, if ye are(in truth) believers.And if ye do not, then be warned of war (against you)from Allah and His messenger and if ye repent, then yehave your principal (without interest). Wrong not, andye shall not be wronged.77
These last verses clearly show that all kinds of riba areprohibited by Islam. Moreover, the seriousness ofcommitting such a sin is highlighted by the words then bewarned of war (against you). Indeed, the Prophet cursedanyone linked with riba. In a Hadith narrated by IbnMas'ud, the Prophet:...cursed those who took and paid usury and those whowere witnesses and writers of usurious contracts.(Khorafa, 1993: 24)The warning against riba is very strong and the Qur'andescribes those who take riba by the verse:Those who eat Usury will only rise (from their graves)just like the rise of a person who has been inflictedwith mental instability by the devil2, Verse 275)..... (Qur'an, SuraThe prohibition of riba by Islam should be seen in thegeneral Islamic principle of socio-economic justice wherehumans have the moral obligation not to take advantage ofothers in the human race (Abbasi and Holman, 1990).3.5.2 Reasons behind the prohibition of ribaAlthough the Qur'an does not specifically mention thereasons for the prohibition of riba, it is generallyunderstood that riba is rejected on the grounds of equityand justice (Naser and Moutinho, 1997). They also provide areason for the prohibition of riba.78
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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
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 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
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: ates in his Code and suggested the
Page 99 and 100: orrower for the period of time the
Page 101 and 102: choose and what maximises their uti
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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
Page 133 and 134: Islam without regard to any debt on
Page 135 and 136: 4.3.2.4 The passage of a yearThe pa
Page 137 and 138: 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
Page 143 and 144: this item should be considered as p
Page 145 and 146: 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
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Kingdom of Saudi Arabia.Ministry of
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Ministry of Finance & National Econ
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