Business zakat accounting in Malaysia: a pilot study of views by zakat scholars
Loading...
Date
2007
Authors
Hamat, Zahri
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
This thesis intends to analyze and explore the accounting methods of business zakat
which are practised in Malaysia. To achieve this purpose, a fieldwork was conducted
either by way of face-to-face interview with the respondents or by distributing the
questionnaires to be filled by them. The sampling technique used is the purposive
sampling technique. The findings of the study reveal that there are three accounting
methods of business zakat currently being practised in Malaysia, namely, the current
asset method, the working capital method, and the adjusted working capital method.
The method adopted by the majority of the states is the adjusted working capital
method. According to the zakat scholars, this ununiformity of methods happens
because the bases which are used to formulate the accounting method of business
zakat are general in nature. Thus, it follows that the accounting method of business
zakat adopted have actually been established based on ijtihad. The zakat scholars
also agree that changes to the accounting methods of business zakat are allowed
since those methods are not based on nas qat’i. Thus, by applying the qiyas, the
scholars feel that the accounting method of business zakat based on income can also
be accepted as an alternative method. The findings of this study have two
implications. First, since the study has revealed that there is still some degree of
ununiformity in the application of accounting method of business zakat in Malaysia,
efforts should be made by responsible authorities, either at the state level or the
federal level, to find ways to standardize the accounting method for business zakat.
Second, in view of many different types of businesses that exist today, there is an
urgent need for the Islamic scholars to continue to explore innovatively newer Islamic
accounting methods so as to be able to deal with these various businesses.
Description
PhD
Keywords
Social science , Business zakat , Zakat scholars , Accounting