Zakat Muamalah

1. Chapter 9: Zakat
IBS, UUM
2013
BPMS1013 THEORY & PRACTICE OF
ISLAMIC BUSINESS
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2. •
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What is Zakat?
Why we do need zakat in Islamic Business?
Which group entitled beneficiaries’ of Zakat?
What percent of zakat will be imposed by
zakat payer?
BPMS1013 THEORY & PRACTICE OF
ISLAMIC BUSINESS
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3. CONTENT
 DEFINITION OF ZAKAH
 UNDERSTANDING BALANCE STATEMENT
 TYPES OF BUSINESS ZAKAH
 THE PHILOSOPHY OF BUSINESS ZAKAH
 ASNAF ZAKAT
 THE OBLIGATION CONDITIONS OF ZAKAT IN
BUSINESS
 WHO IS NOT ELIGIBLE TO RECEIVE ZAKAT?
 ZAKAH CALCULATION
 CONCLUSION
BPMS1013 THEORY & PRACTICE OF
ISLAMIC BUSINESS
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4. INTRODUCTION
 Zakat is the third pillar of Islam. It has been defined
as an act of worship through expenditure of Muslim's
property or wealth upon the full possession and
above a certain limit.
 Zakat also one of the taxation in Islam.
 Zakat is an obligation for Muslim individual or
organization.
BPMS1013 THEORY & PRACTICE OF
ISLAMIC BUSINESS
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5. DEFINITION
• The word of zakat comes from Arabic word.
• Literally, zakat means growth, increase,
cleanness. It refers to the purification of a
Muslim's wealth and soul
BPMS1013 THEORY & PRACTICE OF
ISLAMIC BUSINESS
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6. TYPES OF BUSINESS ZAKAH
• Types of Zakat are; Zakat fitrah (bodies) & Zakat mal
(property/wealth)
• Zakat fitrah is a one off payment that is made once in
every Muslim Hijrah calendar year at any time
between the first day of the month of Ramadhan and
the first day of Syawal. All Muslims are obliged to pay
this, regardless of their age, status or wealth. The
amount of zakat payable is approximately 3kg of
staple food in the relevant country or an amount of
money that is equivalent to the price of the food.
BPMS1013 THEORY & PRACTICE OF
ISLAMIC BUSINESS
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7. TYPES OF BUSINESS ZAKAH
• Zakat mal (property/wealth). It’s means an annual payment
based on the amount of wealth owned by a Muslim individual
or organization. There are;
 Gold, Silver, currency,
 Commercial commodity, Industrial & Company
 Animals (camel, cows, sheep
 Agricultural
 Savings/Invests
 Personal Income (salary, wages, etc.)
 Mineral resource/Rikaz (petroleum, gas, etc.)
BPMS1013 THEORY & PRACTICE OF
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8. THE PHILOSOPHY OF BUSINESS ZAKAH
• To purify and protect soul from miserliness,
selfishness and greed.
• To encourage a Muslim to have gratitude towards
God's.
• To clean an assets and wealth from the evil of this
world
• To clean poverty in the society
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ISLAMIC BUSINESS
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9. ASNAF ZAKAH
1. Fuqara/fakir/poor/the needy – income is not
enough for daily needs
2. Masakin/Miskin – just sufficient to finance
basic needs
3. Amil – The one with authority/ responsible to
collect zakat
4. Muallaf – Individual who convert to become
Islam
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10. ASNAF ZAKAH
5. Firriqab – Slave, after release from the owner
6. Gharimin – suffered many debt and unable to
settle them
7. Fisabilillah – individual involve with activities
to defend and strengthen Islam
8. Ibnu Sabil- homeless, refugees, orphanage
muslim
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11. THE OBLIGATION CONDITIONS OF
ZAKAT IN BUSINESS
Islam
Absolute
ownership
Nisab
Purpose of
business
Haul
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ISLAMIC BUSINESS
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12. WHO IS NOT ELIGIBLE TO RECEIVE ZAKAT?
• The rich who have enough to support themselves
cannot receive zakat .
• Zakat cannot be paid to: One’s dependents whom he
is responsible for supporting. These include the wife,
the parents, grandparents (up to the eldest living
grand grandparent), children, and grandchildren
(down to the last born grand grandchild).
BPMS1013 THEORY & PRACTICE OF
ISLAMIC BUSINESS
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13. WHO IS NOT ELIGIBLE TO RECEIVE ZAKAT?
• Zakat cannot be paid to a non-Muslim, unless this
person belongs to category No. 4 of those eligible to
receive zakat.
• Zakat money shall not be used to construct Mosques,
Madrasah, Roads, general Shelter homes etc.
• However, Shelter homes for the poor can be built by
zakat money giving full ownership to a poor.
BPMS1013 THEORY & PRACTICE OF
ISLAMIC BUSINESS
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14. Zakah calculation
• Zakat is a payment or a fixed proportion collected
from the surplus wealth and earnings of a Muslim. It
is then distributed to prescribed to 8 beneficiaries.
The wealth and earnings has completed the
requirement of Nisab (minimum taxable amount)
and Haul (one Muslim Hijri calendar year). The
payment is 2.5% out of the total wealth deemed for
zakah.
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ISLAMIC BUSINESS
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15. Zakah calculation
• This contribution is made payable by a Muslim once in every
year (Hijri/Masihi).
• Zakat is paid on the net balance after a Muslim has spent on
basic necessities, family expenses, due credits, donations and
taxes.
• Every Muslim male or female who at the end of the Hijri year
is in possession of the equivalent of 85 grams of gold or more
in cash or articles of trade, must pay his or her zakah at the
minimum rate of 2.5%. Zakah has a deep humanitarian and
social-political value.
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ISLAMIC BUSINESS
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16. Zakah calculation
• Zakat is an annual, specified wealth tax to be paid to
specific people by all Muslims possessing a minimum
net worth above their basic needs.
BPMS1013 THEORY & PRACTICE OF
ISLAMIC BUSINESS
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17. Zakah calculation
• Example of business zakah
• (Current Assets + Investments Liquidity)
x (percent stock of muslim ownership)
x (zakat rate 2.5%)
A) Current Assets 400,000
B) Investments Liquidity 100,000
C) Net Current Assets + Investments 500,000
D) Shares Percentage of Muslim (contoh 40%) 40%
E) Assets eligible for zakat ( C x D %) 200,000
F) Business Zakat ( E x 2.5 % ) 5,000
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ISLAMIC BUSINESS
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18. Conclusion
• The Quran says, "Take alms of their wealth and make them
pure and clean “. The zakat, one of the pillars of Islam, is
discussed in both the Qur'an and the hadith literature.
Those who give zakat can expect reward from God in the
afterlife, neglecting to give zakat can result in damnation.
The zakat is considered by Muslims to be an act of piety
through which one expresses concern for the well-being of
fellow Muslims, as well as preserving social harmony
between the wealthy and the poor. Zakat promotes a more
equitable redistribution of wealth and fosters a sense of
solidarity amongst members of the Ummah. Every Muslim
is required to pay Zakat to this organization and conform to
the rates and the amount of Nisab decided by the
organization.
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ISLAMIC BUSINESS
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19. Current issue
 Online payment is one of an approach by electronic payment or betterknown as e-payment. It capable to implement payment process through
the network internet with simple way and fast without use the manual
process
• These efforts are to make sure each group that qualified to pay zakat not
give plenty of reason or to avoid from fulfil the rukun Islam.
• With the momentum spread of information it is expected every state in
Malaysia to improve result of zakat from year to year.
• Track the status of current information when users use the central system
of zakat. Users can track the status of the information, to eliminate
concerns whether the information will be lost or misplaced.
• Manage accounts online charity. Zakat payers may check the payment
records of zakat through the accounts that have been added
registered. Zakat payers also have the ability to update their personal
information without the need to counter charity
BPMS1013 THEORY & PRACTICE OF
ISLAMIC BUSINESS
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20. BPMS1013 THEORY & PRACTICE OF
ISLAMIC BUSINESS
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