Submitted by: Submitted by spectre
Views: 289
Words: 1772
Pages: 8
Category: Business and Industry
Date Submitted: 11/23/2011 02:01 AM
Introduction
“O ye who believe! Give away some of the goods you
have earned and some of what the earth produces.”
Surah Al-Baqarah 2:267
Samurah bin Jundub:
“The Prophet S.A.W asked us to pay zakat from our
business.”
Hadith narrated by Abu Daud
IN 2005, the amount of zakat collected by zakat authorities nationwide exceeded RM500 million. Despite this huge amount, there is still relatively low awareness in Malaysia on the responsibility and the treatment of zakat among businesses as well as individuals. This is partly due to the lack of knowledge and ignorance on the importance of zakat as an ibadah that needs to be fulfilled.
Generally, any organisation that is profit oriented needs to pay zakat. Examples are small retailers like hawkers, night-market traders and stall operators. Others include retailers with moderate and large capital, such as mini-market operators and owners of supermarkets, malls, bookshops and photo studios. Also on the list are barbers, textile merchants and tailors.
Manufacturers also need to pay zakat such as those involved in sectors like automotive, electrical and electronics, metal products, textile, petro-chemicals, food, ceramic, printing, and all types of factories.
Apart from manufacturing, the services sector like financial institutions, banks, transportation, health institutions, professional services and consultancy, securities, sewerage and cleaning, hotels, workshops, and all share funds, unit trusts, private educational institutions, fast-food restaurants and children's nurseries also need to pay zakat.
Other examples include government-owned organisations and government- linked companies (GLCs) on the premise that they are business-oriented entities.
On the whole, all types of businesses (in which Muslims have interest) are obliged to pay zakat, whether it is a full ownership or a partnership business. This also includes Muslims who have businesses but hold a minority interest.
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Islamic...