Zakat in Business.


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Zakat in Business MGA1023 Standards OF BUSINESS Administration Arranged by: Cik Suhaila Abdul Hamid Dr Zurina Shafii Zakat from the point of view of the Islamic law A commitment for Muslims to satisfy The 3 rd from the 5 columns in Islam
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Zakat in Business MGA1023 PRINCIPLES OF BUSINESS MANAGEMENT Prepared by: Cik Suhaila Abdul Hamid Dr Zurina Shafii

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Zakat from the point of view of the Islamic law A commitment for Muslims to satisfy The 3 rd from the 5 columns in Islam Its significance is the same as alternate commitments Mentioned in the Holy Al-Quran vis-à-vis with requests to God in 30 verses The hadith additionally underlined on the significance of paying zakat Always saw as a demonstration of love that has critical impacts in the general public

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The historical backdrop of zakat installments Prior to Hijrah, zakat is just mandatory to those affluent individuals who are close with the Prophet s.a.w. Around then, the commitment to pay zakat is construct just in light of their mindfulness, ability, watchfulness A composed arrangement of zakat (for example having the conditions for nisab, rate and pull ) was just connected after the 2 nd year of Hijrah.

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Definitions of Zakat Literally purging or decontaminating of something from soil or foulness Praise, development and increment Theologically Spiritual refinement coming about because of paying zakat Legally Transfer of responsibility for riches to particular individual (s) under particular conditions

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The principle points of zakat Our love to Allah for every one of His bounties to humankind Al-Baqarah: 267 “Oh ye accept! Give of the great things which ye have (respectably earned). What\'s more, of the world\'s products which we have created for you..” Assist poor people and the destitute Al-Dzariyat: 19 “and their riches and belonging (was recalled) the privilege of the (needy)..” Act as an instrument to disperse riches

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…continued Purify one’s heart and self from being parsimonious Al-Tawbah: 103 “Of their merchandise take charity. That so thou mightest cleanse and purify them..”

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Types of zakat Two fundamental sorts of zakat: Zakat fitr (due from the beginning of Ramadhan and closures before the eid’ fitr supplication to God) Zakat on mal (riches) Traditional sorts of riches subject to zakat Agricultural produce, raised creatures, business, gold and silver New sorts of riches subject to zakat Various types of riches in view of the agreement of Islamic researchers and law specialists e.g. occupation wage, proficient salary

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Beneficiaries of zakat 8 classes of recipients:- poor people (masakin) The penniless (fuqara’) Amil (people who have the power and dependable to gather zakat) Mualaf (individuals who believer to wind up Muslims) Ar-riqab (to free the captives)* Ibnu sabil (the wayfarer) Gharimin (those in the red) Fisabillillah (deeds achieved in the reason for Allah s.w.t)

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….continued Issue: are there 8 or 7 recipients? Talk a few states in Malaysia have just 7 recipients since these days there are no more slaves (hostages) However, there are different states which still keep up the quantity of recipients of 8 individuals. The reason is on account of it is expressed in the Holy Al-Quran that there are 8 recipients of zakat Due to that, ar-riqab is suggested as zakat for the individuals who might want to free themselves from lack of awareness for occasion zakat paid to individuals who might want to facilitate their studies

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Conditions for turning into an Amil Muslim Pious individual Mukallaf A flexibility man (not a slave) A reasonable and just individual Does not originate from the Holy\'s relatives Prophet s.a.w Trustworthy Is not a visually impaired individual Is not a hard of hearing individual Male

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Methods to focus the wellsprings of zakat Qiyas Wealth Al-Nama Binafsih Al-Mal al-Nami Favor poor people and the destitute

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Qiyas A system that will be utilized by the Islamic legal advisers and researchers in deciding the shariah rehearse if the subject/case is not said in the Holy Al-Quran, Hadith or accord ( ijmak ). Qiyas is a practice to suggest a subject with a current shariah treatment. The utilization of Qiyas in zakat is energized and it has been generally honed by the Islamic legal scholars. Case in point, vocation wage is liable to zakat on the grounds that it is like gold and silver. In this manner, the rate and the pull are proportional to the rate and pull of zakat on gold and silver.

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Wealth taken from a few hadith. For example, as described by Mu’az container Jabal, the heavenly Prophet s.a.w had taught his amil to educate the Yemen individuals that zakat must be paid by the well off individuals to be circulated to poor people and the destitute. Because of this, there is a feeling that says zakat is payable on all riches, regardless of the physical type of the riches.

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Al-Nama Binafsih This is a strategy to zakat riches taking into account the idea of “productive riches expansion”. Those riches or property which could in nature extend or develop without anyone else\'s input for occasion the rural deliver, for example, paddy will fall under this class of riches. There is no pull condition to be satisfied for this sort of riches. Zakat is payable once the riches is picked up and the amount is sufficient to meet the nisab . Imam Nawawi and some Islamic researchers, for example, Ibn Abbas, Ibn Mas’ud and Muawiyah for occasion recommend that zakat on business ought to take after the strategy for Al-Nama Binafsih . In this way, as indicated by them zakat on livelihood salary is payable on the day it is gotten given that it meets the nisab The zakat is forced taking into account the technique it is picked up and not the sort of riches (despite the fact that the riches is gotten as cash)

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Al-Mal al-Nami This is another system to zakat riches in light of the idea of “productive riches expansion”. On the other hand, it is forced on riches which is picked up from property or riches which couldn\'t develop without anyone else for example like business riches. In this way, zakat is just payable when it meets the pull and the nisab . Case in point zakat on business wage will just get to be payable in the event that it meets the pull and nisab

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Favor to poor people and destitute This rule is being utilized by the researchers if there are two reasons from two unique schools of thought to pay zakat on the same riches in the meantime. In this way, the methodology is to pick the system that will support poor people and the destitute. Case in point, when there is taraddud which implies contention because of similitude or equivocalness between two riches, for example, ought to the rate of zakat for cash be founded on qiyas on gold or qiyas on silver?

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Cont… The legal advisers reason that it is ideal to base on silver subsequent to the worth is higher and there is not contradiction on the nisab of silver that subject to zakat Reared creatures for case could fall under either zakat on raised creatures ( al-sa’imah ) or zakat on business wage ( al-tijarah ). For this situation, typically the law specialists will pick zakat on business wage instead of zakat on raised creatures in light of the fact that it supports more poor people and the destitute.

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Zakat in business Hadith from Rasulullah s.a.w as described by Abu Daud “ …indeed, Rasulullah s.a.w requesting that we pay zakat from the property that we get ready to sell” All sort of organizations possessed by Muslims are liable to zakat.

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Conditions to satisfy to pay zakat on business The conditions that must be satisfied to be liable to zakat :- Muslim An opportunity individual The riches must be from halal sources Those exercises disallowed against Islam can\'t be incorporated in zakat estimation

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Cont.. Meet the nisab toward the end of pull The nisab is 2.5% or identical to 85 grams of gold Meet the pull Must be from gainful property E.g money, shares, security, consummation stock, settled resources (versatile or resolute), net exchange receivable Full proprietorship

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Cont.. The business sources including gift are liable to zakat Exist the aim to be good to go The expectation The exchange The business property is not pulled back for individual utilization

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Basic things in a business Fixed resources Not subject to zakat Income gathered from beneficial altered resource is liable to zakat

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Basic things in a business (cont..) current resources Based on the estimation of advantages gave to be determined sheet or evaluation on the stock. Zakat depends on the proportionate estimation of the benefits Zakat is forced on records receivable on the off chance that it is guaranteed that the borrower will pay back Zakat might be forced in the year when the obligation is gathered

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Basic things in a business (cont..) Intangible resources E.g. Shares, patent, goodwill, bond, testament of venture are viewed as proportionate to altered resources in the event that they are not exchanged but rather held in the reason to pick up profit. On the off chance that the organization put resources into has officially paid zakat, in this manner the pay is no more subject to zakat

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Basic things in a business (cont..) Long term obligation Long term liabillity to back/maintain the business is liable to zakat Capital and Shareholders’ store E.g. Paid up capital, premium records, collected benefit are liable to zakat

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Types of ascertaining zakat on business Growth model Owner’s value + Long term risk – settled resources – impalpable resources +/ - changes Working capital model Current resources – current obligation +/ - modification

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Adjustments to be made to the estimation of zakat Deduct salary which are not subject to zakat, for example, precluded sources sum are not completely possessed, for example, stores for utilities Creditors Sources that zakat has as of now been paid Current resources must be beneficial, in this manner awful obligations, obselete stock, deterioration are deducted

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Adjustments to be made to the count of zakat (cont..) Charity reserve, for example, tabung khairat, training trust Charity store which has the idea of moving trust is not subject to zakat on the vital sum just. Closure stock Those liabilities identified with the business operation e.g

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