Assessing business zakat at Pusat Zakat Selangor: between theory and practice / Rashidah Abdul Rahman and Rohila Awang

Abdul Rahman, Rashidah and Awang, Rohila (2003) Assessing business zakat at Pusat Zakat Selangor: between theory and practice / Rashidah Abdul Rahman and Rohila Awang. National Accounting Research Journal, 1 (1). pp. 33-48. ISSN 1675-753X

Abstract

The main objective of this study is to determine the value measurement used by zakat collection centres, particularly Pusat Zakat Selangor (PZS), in measuring business zakat among companies owned by Muslims in Selangor territory.
The study found that PZS assessed zakat from companies financial statements based on historical cost, and not current value as hypothesised by previous researches. The continuous use of historical cost may lead to negative wealth transfer for zakat beneficiaries particularly in time of rising prices. Even though certain adjustments are made to the assessment, however the purpose of such adjustment is merely to reflect the Islamic philosophy of the implementation of halal and haram as well as different views of Islamic Accounting and Conventional Accounting in
recognising income and expenses.

Metadata

Item Type: Article
Creators:
Creators
Email / ID Num.
Abdul Rahman, Rashidah
UNSPECIFIED
Awang, Rohila
UNSPECIFIED
Subjects: B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc > Islam > Alms (Zakat) > Malaysia
Divisions: Universiti Teknologi MARA, Shah Alam > Faculty of Accountancy
Journal or Publication Title: National Accounting Research Journal
ISSN: 1675-753X
Volume: 1
Number: 1
Page Range: pp. 33-48
Keywords: Zakat, Selangor, Business zakat
Date: 2003
URI: https://ir.uitm.edu.my/id/eprint/11676
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11676

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