Zakat Calculation Software for Corporate Entities

Ahmed, Mezbah Uddin; Kasri, Noor Suhaida

doi:10.1007/978-3-030-45827-0_18

Cited by 2 publications

(3 citation statements)

References 9 publications

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“…This was followed by a Technical Release (TR i-1) issued by the MASB in 2006. Ahmed and binti Kasri (2021) argued for developing zakah calculation software to facilitate corporate entities and Islamic financial institutions.…”

Section: Literature Reviewmentioning

confidence: 99%

Promoting business zakah as a product of Islamic finance to fund social causes for well-being of the underprivileged: evidence from Bangladesh

Hoque

2022

JIMA

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Purpose This study aims to look into the scope of exploring and promoting business zakah for the enhancement of the well-being of the underprivileged in society. Design/methodology/approach This is mainly a qualitative research conducted using both primary and secondary data. Primary data have been collected from 34 business entrepreneurs in Bangladesh through semi-structured in-depth interviews. The secondary data have been collected from annual reports with a view to calculating business zakah of five business enterprises for providing an indicative picture of prospective volume of business zakah in Bangladesh. Finally, collected qualitative data have been analyzed thematically following the due procedures with a view to addressing the research questions. Findings The findings reveal that around thirty five percent of sample entrepreneurs have used business zakah fund for fully and partially financing their social projects. It also reveals that on average annual business zakah fund amounts to nearly 144m BDT (around US$1.7m) per business enterprise. These findings bear clear witness that business zakah has extensive scope and promising prospect to be an instrument of financing social projects aimed at ensuring social well-being of the disadvantaged. Practical implications The findings of this research can be used as a guide to promote business zakah to finance social programs aimed at ensuring the well-being of the underprivileged of all societies particularly of Muslim countries representing one-fourth of the world population. Originality/value Exploring and promoting business zakah as an initiative of broadening the base of zakah is an innovative move and net addition to the literature of Islamic finance. It contributes greatly to the poverty alleviation movement in the sense that Muslim business entrepreneurs will now find their business zakah fund readily available to finance their social projects aimed at ensuring well-being of the impoverished.

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Section: Literature Reviewmentioning

confidence: 99%

Promoting business zakah as a product of Islamic finance to fund social causes for well-being of the underprivileged: evidence from Bangladesh

Hoque

2022

JIMA

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“…So the measure of zakat is 2.5% (Harianto, 2014). Meanwhile, in the opinion of Shaykh Muhammad bin Salih al-'Utsaimin when answering about corporate zakat, he said that companies engaged in the trade industry should give him trade zakat (Ahmed & Kasri, 2021) So it is not obligatory on tools, hardware, cars, buildings, equipment that you want to use and don't want to sell for profit . So on this basis the way to calculate zakat at the end of the year is to calculate what is in the company's savings that have been purchased and are intended to be sold and then all that is added to the cash in the company or stored in the bank.…”

Section: Corporate Zakat In the View Of Ulamamentioning

confidence: 99%

“…The obligation to tithe other than the muzakki must have the ability to issue zakat, so the property that is used as the object of zakat should be. First, al-milk at-tam, namely property that is fully owned or legally owned, has the potential to be developed (Ahmed & Kasri, 2021). Zakat is a form of philanthropy in Islam (Dyah F., 2021).…”

Section: A Introductionmentioning

confidence: 99%

Company Zakat Distribution Model in Metro Lampung

Arifin,

Purnamasari

2022

IJIE

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This article aims to describe the corporate zakat implementation model in Metro City, as implemented by the Grand Sekuntum Syariah Metro hotel. This research is a field research, data collection techniques using documentation and interviews. The analysis technique used is a qualitative technique. The results of this study indicate that the distribution of company zakat is carried out by taking into account two criteria, namely consumptive and productive. Consumptive zakat is given directly to mustahik without empowerment. This zakat is distributed directly to the underprivileged people who are around the hotel in the form of consumable needs, such as food, clothing, and housing needs in general. Meanwhile, for productive zakat distribution, the hotel cooperates with the Amil Zakat Institution in Metro City, the hotel gives its zakat funds to the amil zakat institution. The zakat funds are used to support productive zakat distribution programs in Metro City.

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Zakat Calculation Software for Corporate Entities

Cited by 2 publications

References 9 publications

Promoting business zakah as a product of Islamic finance to fund social causes for well-being of the underprivileged: evidence from Bangladesh

Promoting business zakah as a product of Islamic finance to fund social causes for well-being of the underprivileged: evidence from Bangladesh

Company Zakat Distribution Model in Metro Lampung

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