financial accounting2 (accounting from islamic perspective)

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financial accounting2 (accounting from islamic perspective)

  1. 1. INTRODUCTION TO ACCOUNTING FROM AN ISLAMIC PERSPECTIVE GROUP MEMBERS’: NURUL AIDA BT MOHD SAID 02DAT12F1121 FARIDAH BT KAMALUDIN 02DAT12F1033 NUR RASYIDAH BT ABDUL RAHMAN 02DAT12F1122 HAZWANI BT JUSOH 02DAT12F1083 1
  2. 2. MEANING OF ACCOUNTING IN ISLAMIC “The process of identifying, measuring, and communicating economic and other relevant information inspired by Islamic Worldview and complied with Syari’ah Islamiyyah to permit informed judgements and decisions by potential and expected users information to enhance social welfare” 2
  3. 3. Al-Baqarah 282: “O you who believe! When you deal with each other, in transactions involving future obligations in a fixed period of time, reduce them to writing, let a scribe write down faithfully as between the parties: let not the scribe refuse to write: as God has taught him, so let him write. Let him who incurs the liability (debtor) dictate, but let him fear his Lord God, and not diminish aught of what he owes. If the party liable (debtor) is mentally deficient, or weak, or unable himself to dictate, let his guardian dictate faithfully, and get two witnesses, out of your own men, and if they are not two men, then a man and two women, so that if one of them errs, the other can remind him….” 3
  4. 4. 1.1 THE TERM AND DIFINITION IN ISLAMIC ACCOUNTING BAI BITHAMAN AJIL 4
  5. 5. BAI BITHAMAN AJIL  A deferred payment basis at a price which includes a profit margin agreed by both parties and payment is made in monthly installment.  It refers to the concept of hire purchase in islamic Financial Instrument which is allowed under Syariah.  It seems to be similar to Hire Purchase Contract under Conventional financial instrument. 5
  6. 6. AL-IJARAH  it refers to the sale of a definite usufruct of any asset in exchange for a definite reward.  It refers to a contract of land leased at a fixed rent payable in cash and also to a mode of financing adopted by Islamic banks.  Ijarah-wal-iqtina’ means a mode of financing by way of hire-purcahse adopted by Islamic banks. 6
  7. 7. HIBAH  A gift. This refers to a payment made willingly in return for a benefit received.  Example: In savings operated under Wadiah, banks will normally pay their Wadiah depositors hibah although the accountholders only intend to put their savings in the banks for safe keeping. 7
  8. 8. MUHARABAH  A form of partnership where one party provides the funds while the other provides expertise and management.  Mudharabah is not loan to the entrepreneur.  It is capital for warded in a partnership venture. 8
  9. 9. MURABAHAH  Literally this means a sale on mutually agreed profit.  It is a contract of sale in which the seller declares his cost and the profit.  Murabaha has been adopted by Islamic banks as a mode of financing.  As a financing techique, it can involve a request by the client to the bank to purchase a certaine item for him.  The bank does that for a derinite profit over the cost which I stipulates in advance. 9
  10. 10. CONCEPT OF ACCOUNTING WAKAF 10 BAITULMAL ZAKAT
  11. 11. BAITULMAL  Treasury in general definition as property house or store treasury which manages all financial resource and Islamic community property.  Primary responsibility is to manage that owned a assets and finance that owned and entrusted to each State Islamic Religious Council such as zakat and wakaf.  Function of baitulmal:  Increasing Tithes Collection  Implement zakat distribution systematically  Develop wakaf land  Implement perwakafan land.11
  12. 12. WAKAF  An inalienable religious donation in islamic law, typically denoting a building or plot of land for muslim religious or charitable purposes.  The donated assets are held by a charitable trust. 12
  13. 13. ZAKAT  “that which purifies”, one of the five pillars of Islam, is the giving of a fixed portion of one’s weal to charity. Generally to the poor and needy. 13
  14. 14. 14
  15. 15. TYPE OF ZAKAT PENDAPATAN WANG SIMPANAN PERNIAGAAN EMAS DAN PERAK SAHAM MAADIN, KUNUZ DAN RIKAZ TANAMAN 15
  16. 16. 8 BENEFICIARIES OF ZAKAT DESTITUTE ( FAKIR) POOR (MISKIN) ZAKAT COLLECTOR (AMIL) NEW CONVERTS (MUALAF) FREEING OF SAVES BANKRUPTS IN THE PATH OF ALLAH STRANDED TRAVELLER (MUSAFIR)16
  17. 17. ZAKAT RATE  The minimum threshold (nisab) of zakat on savings or investments is 85 grams of gold / worth.  The rate of zakat is 2.5%; as for livestock, both the minimum threshold and the rate depend on the type and the number of animals 17
  18. 18. Ways to calculate zakat Method 1  2.5 % on the total annual gross income ( if the total income is more than the nisab rate).  Example :  The total annual gross income is RM33,800.00.  The zakat is RM33,800.00 x 2.5 % = RM845.00 Method 2  Zakat is paid after deducting all allowable basic expenses. Method 3  Zakat is paid after deducting all the liabilities. 18
  19. 19. ZAKAT BASE  The net adjusted amount of zakat assets and liabilities used for or derived from business activities.  An entity is advised to refer to the relevant zakat authorities for further.  An entity may apply one of the following method by JAKIM 2011:  Adjusted working capital method (net asset method)  Adjusted growth method( net invested funds method)19
  20. 20. MEASUREMENT OF ASET AND LIABILITY FOR ZAKAT 1. Urfiiyah Method ( Capital Growth ) Current capital = Owner’s Equity + Debt Financial Capital + Profit – Fixed Asset – Other Non Current Assets. 2.Syar’iiyah Method ( Working capital) Net Current Asset = Current Asset (full ownership) – Current Operating Liability only.20
  21. 21. Thank you  21

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