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types of zakat and calculation


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types of zakat and calculation

  2. 2. Presentation outline <ul><li>Various types of zakat </li></ul><ul><li>Illustration to calculate zakat </li></ul><ul><li>Comparison between zakat and </li></ul><ul><li>taxation </li></ul>
  4. 4. Types of Zakat <ul><li>1. Zakat fitrah ( al-fitr) </li></ul><ul><ul><ul><li>a flat fee or levy imposed on each person. </li></ul></ul></ul><ul><ul><ul><li>due from the starting of Ramadhan and ends before the eid’ fitr prayer. </li></ul></ul></ul><ul><li>2. Zakat from earnings ( al-mal) – a religious levy on wealth. </li></ul><ul><ul><ul><li>Traditional types of wealth subject to zakat </li></ul></ul></ul><ul><ul><ul><ul><li>Agricultural produce, reared animals, business, gold and silver. </li></ul></ul></ul></ul><ul><ul><ul><li>New types of wealth subject to zakat </li></ul></ul></ul><ul><ul><ul><ul><li>Various forms of wealth based on the consensus of Islamic scholars and jurists e.g. employment income, professional income </li></ul></ul></ul></ul>
  5. 5. Zakat Al Fitr / Zakat Fitrah <ul><li>To contribute a certain amount of staple food or pay an equivalent monetary amount in the month of Ramadan before the Muslim festive celebration or Eid al Fitr (Ariff, 1991). </li></ul><ul><li>The zakat al-fitr flat fee is one sa` – a little more than two kilograms of wheat, barley, dates, or rice – or the monetary equivalent (Al Qardawi, 1997). </li></ul>
  6. 6. <ul><ul><li>Compulsory on every Muslim </li></ul></ul><ul><ul><li>Not subjected to nisab or haul </li></ul></ul><ul><ul><li>The rate between RM4 - RM5 per person </li></ul></ul><ul><ul><li>Payable from the first day of Ramadhan until before the Aidil Fitri prayer. </li></ul></ul><ul><ul><li>The best is on the eve of Shawal </li></ul></ul>Zakat Al Fitr / Zakat Fitrah / Zakat on Self
  7. 7. ZAKAT FITRAH - Example <ul><li>Can be paid in the form of staple food; rice, or in the form of money. </li></ul><ul><li>For example: 1430H/2009 , the rates were: </li></ul><ul><ul><ul><ul><li>2.268 kg (nisab / kadar) </li></ul></ul></ul></ul><ul><ul><ul><ul><li>RM2.84 (according to the value of fragrant rice) </li></ul></ul></ul></ul><ul><ul><ul><ul><li>RM1.93 (according to the value of Thai rice) </li></ul></ul></ul></ul><ul><li>Zakat bagi negeri-negeri di Malaysia bagi tahun 2009 (kecuali Kelantan), </li></ul><ul><li>mengikut tahap kehidupan setiap negeri: </li></ul><ul><ul><li>Selangor, Wilayah Persekutuan, Pahang, Perak, Kedah </li></ul></ul><ul><ul><li>dan Pulau Pinang – RM7 </li></ul></ul><ul><ul><li>Terengganu – RM5, RM7 dan RM8 </li></ul></ul><ul><ul><li>Johor – RM5 dan RM7.50 </li></ul></ul><ul><ul><li>Sabah – RM6.60 </li></ul></ul><ul><ul><li>Negeri Sembilan – RM6.50 </li></ul></ul><ul><ul><li>Melaka – RM6.30 </li></ul></ul><ul><ul><li>Sarawak dan Perlis – RM6 </li></ul></ul><ul><li>*Kadar zakat ditentukan oleh Majlis Agama Negeri </li></ul>
  8. 8. <ul><li>Income refers to earnings from salary, dividends or other receivables income from services or consultation. </li></ul><ul><li>Salary include annual, deferred (tunggakan), allowance, commission, bonuses, consultation fees. </li></ul>Zakat on Wealth / Al- Mal
  9. 9. ZAKAT ON WEALTH / Al- Mal <ul><li>Depends on the amount of wealth that you have and how long (haul) you had it for. </li></ul><ul><li>Your wealth has to reached it’s nisab (the minimum amount upon which Zakat is payable) and reached it’s haul (one lunar year) </li></ul><ul><li>Zakat al-mal or zakat from earnings is levied only on Muslims whose wealth exceeds a threshold called nisab (Kahf, 2005). </li></ul>
  10. 10. Zakat Rate <ul><li>The minimum threshold ( nisab) of zakat on savings or investments is 85 grams of gold / worth. </li></ul><ul><li>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. </li></ul>
  11. 11. Ways to calculate zakat <ul><li>Method 1 </li></ul><ul><ul><li>2.5 % on the total annual gross income ( if the total income is more than the nisab rate). </li></ul></ul><ul><ul><ul><li>Example : </li></ul></ul></ul><ul><ul><ul><ul><li>The total annual gross income is RM33,800.00. </li></ul></ul></ul></ul><ul><ul><ul><ul><li>The zakat is RM33,800.00 x 2.5 % = RM845.00 </li></ul></ul></ul></ul><ul><li>Method 2 </li></ul><ul><ul><li>Zakat is paid after deducting all allowable basic expenses. </li></ul></ul><ul><li>Method 3 </li></ul><ul><ul><li>  Zakat is paid after deducting all the liabilities. </li></ul></ul>
  12. 12. Calculation of zakat <ul><li>1. Urfiiyah Method ( Capital Growth ) </li></ul><ul><ul><li>Current capital = Owner’s Equity + Debt Financial Capital + Profit – Fixed Asset – Other Non Current Assets. </li></ul></ul><ul><li>2.Syar’iiyah Method ( Working capital) </li></ul><ul><ul><li>Net Current Asset = Current Asset (full ownership) – Current Operating Liability only. </li></ul></ul>
  13. 13. <ul><li>Zakat on Business Income </li></ul><ul><li>Zakat on Employment Income </li></ul><ul><li>Zakat on Saving </li></ul><ul><li>Zakat on Shares </li></ul><ul><li>Zakat on Gold </li></ul><ul><li>Zakat on EPF </li></ul><ul><li>Zakat on Crops </li></ul><ul><li>Zakat on Livestock </li></ul><ul><li>Illustration on the calculations </li></ul>Types of Zakat on Wealth (Al-Mal)
  14. 14. <ul><li>Growth method </li></ul><ul><ul><li>Capital + Long Term Liabilities – Fixed assets- Investment </li></ul></ul><ul><ul><li>The results is multiply by 2.5percent </li></ul></ul><ul><li>Working capital method </li></ul><ul><ul><li>Current assets – current liabilities </li></ul></ul><ul><ul><li>The results multiply by 2.5 percent </li></ul></ul>Zakat on Business Income
  15. 15. Zakat in business <ul><li>Hadith from Rasulullah s.a.w as narrated by Abu Daud: </li></ul><ul><ul><li>“ … indeed, Rasulullah s.a.w asked us to pay zakat from the property that we prepare to sell” </li></ul></ul><ul><li>All kind of businesses owned by Muslims are subject to zakat. </li></ul>
  16. 16. Conditions to fulfill to pay zakat on business <ul><li>The conditions that must be fulfilled to be subject to zakat :- </li></ul><ul><ul><li>Muslim </li></ul></ul><ul><ul><li>A freedom person </li></ul></ul><ul><ul><li>The wealth must be from halal sources </li></ul></ul><ul><ul><ul><li>Those activities prohibited against Islam cannot be included in zakat calculation </li></ul></ul></ul>
  17. 17. Continue……... Conditions to fulfill to pay zakat on business <ul><li>Meet the nisab at the end of haul. </li></ul><ul><ul><ul><li>The nisab is 2.5% or equivalent to 85 grams of gold </li></ul></ul></ul><ul><li>Meet the haul. </li></ul><ul><li>Must be from productive property </li></ul><ul><ul><ul><li>E.g cash, shares, bond, ending inventory, fixed assets (movable or immovable), net trade receivable </li></ul></ul></ul><ul><li>Full ownership </li></ul>
  18. 18. Continue……... Conditions to fulfill to pay zakat on business <ul><li>The business sources including donation are subject to zakat </li></ul><ul><li>Exist the intention to be in business </li></ul><ul><ul><ul><li>The intention </li></ul></ul></ul><ul><ul><ul><li>The transaction </li></ul></ul></ul><ul><li>The business property is not withdrawn for personal use </li></ul>
  19. 19. Basic items in a business – Not subject to zakat. <ul><li>Fixed assets (bangunan, mesin, dan alat alat lain) </li></ul><ul><ul><li>Income accrued from productive fixed asset is subject to zakat </li></ul></ul><ul><li>Current assets </li></ul><ul><ul><ul><li>Based on the value of assets provided in the Balance sheet or assessment on the inventory. </li></ul></ul></ul><ul><ul><ul><li>Zakat is based on the equivalent value of the assets </li></ul></ul></ul><ul><ul><ul><li>Zakat is imposed on accounts receivable if it is assured that the debtor will pay back </li></ul></ul></ul><ul><ul><ul><ul><li>Zakat will only be imposed in the year when the debt is collected </li></ul></ul></ul></ul>
  20. 20. Basic items in a business (cont..) <ul><li>Intangible assets </li></ul><ul><ul><li>E.g. Shares, patent, goodwill, bond, certificate of investment are considered equivalent to fixed assets if they are not traded but held in the purpose to gain dividend. </li></ul></ul><ul><ul><li>If the company invested in has already paid zakat, thus the income is no longer subject to zakat </li></ul></ul><ul><li>Long term liability </li></ul><ul><ul><li>Long term liabillity to finance/ run the business is subject to zakat </li></ul></ul><ul><li>Capital and Shareholders’ fund </li></ul><ul><ul><li>E.g. Paid up capital, premium accounts, accrued profit are subject to zakat. </li></ul></ul>
  21. 21. Types of calculating zakat on business: <ul><li>Growth Model </li></ul><ul><ul><li>Owner’s equity + Long term liability – fixed assets – intangible assets +/- adjustments </li></ul></ul><ul><li>Working Capital Model </li></ul><ul><ul><li>Current assets – current liability +/- adjustments </li></ul></ul>
  22. 22. Adjustments to be made to the calculation of zakat <ul><li>DEDUCTION </li></ul><ul><li>income which are not subject to zakat such as prohibited sources </li></ul><ul><li>amount are not wholly owned such as deposits for utilities </li></ul><ul><li>Creditors </li></ul><ul><li>Sources that zakat has already been paid </li></ul><ul><li>Current assets must be productive , thus bad debts, obselete stock, depreciation are deducted </li></ul>
  23. 23. Adjustments to be made to the calculation of zakat (cont..) <ul><li>DEDUCTION </li></ul><ul><li>Charity fund such as tabung khairat, education fund </li></ul><ul><ul><ul><li>Charity fund which has the concept of rolling fund is not subject to zakat on the principal amount only. </li></ul></ul></ul><ul><li>Ending inventory </li></ul><ul><li>Those liabilities related to the business operation e.g. trade creditors, payables. </li></ul>
  24. 24. Adjustments to be made to the calculation of zakat (cont..) <ul><li>Add to current assets </li></ul><ul><ul><li>All gift, donations paid by the company </li></ul></ul><ul><li>Add to current liability </li></ul><ul><ul><li>Not related to business operation e.g. restructuring of debt </li></ul></ul><ul><ul><li>Dividend payable </li></ul></ul><ul><ul><li>Overdraft </li></ul></ul><ul><ul><li>Financial lease </li></ul></ul>
  25. 25. Zakat on Employment Income <ul><li>Based on gross income </li></ul><ul><ul><li>2.5 percent from the total net employment income </li></ul></ul><ul><li>Based on net income </li></ul><ul><ul><li>Deduction allowed </li></ul></ul><ul><ul><ul><li>for personal expenses RM8000 </li></ul></ul></ul><ul><ul><ul><li>for wife RM3000 per person </li></ul></ul></ul><ul><ul><ul><li>for children RM1000 per person </li></ul></ul></ul><ul><ul><ul><li>Gift/ allowances to parents- actual amount </li></ul></ul></ul><ul><ul><ul><li>KWSP -11percent per annum </li></ul></ul></ul><ul><ul><ul><li>Contribution to organisation that pay zakat – Tabung Haji, Takaful </li></ul></ul></ul>
  26. 26. Zakat on Saving <ul><li>It is calculated based on the lowest balance in the saving accounts </li></ul><ul><li>In case of more than one saving account, the total amount of the lowest balance need to be accounted </li></ul><ul><li>Zakat is payable only if the balance is more than RM6200 </li></ul><ul><li>Saving accounts in Tabung Haji is excluded </li></ul>
  27. 27. <ul><li>A) Zakat from saving deposit. </li></ul><ul><ul><li>Cash d eposit in bank is zakatable. The nisab for cash money is based on the nisab for gold i.e. 20 mithqal (85 gram) or silver (595 gram). </li></ul></ul><ul><li>The minimum amount payable for 1410H/2009 is $6,200.00 , upon which 2.5% of Zakat is taxable </li></ul><ul><li>Islamic calendar ( 354 Days )= 2.5% </li></ul><ul><li>Normal calendar ( 365 Days ) = 2.577% </li></ul><ul><li>Changes according to price of 21K gold in the market </li></ul>Zakat on Saving
  28. 28. HOW TO CALCULATE <ul><li>Say in 2008, minimum limit = $6,200 (from 1.1.08 to 31.12.08) </li></ul><ul><li>Take minimum amount in account = $13,000. Why? </li></ul><ul><li>Hence zakat = 2.577% x $13,000 = $335.01 </li></ul>Date Withdrawal Deposit Balance 01.01.08 $15,000 $15,000 05.02.08 $1,000 $14,000 04.04.08 $5,000 $19,000 15.11.08 $4,000 $13,000 31.12.08 $200 $13,200
  29. 29. Zakat on Shares <ul><li>Listed companies (from Syariah Councils) </li></ul><ul><ul><li>Shares owned at the end of haul period </li></ul></ul><ul><ul><ul><li>2.5 percent on the lowest market price of the share </li></ul></ul></ul><ul><ul><li>Shares traded during the haul period </li></ul></ul><ul><ul><ul><li>2.5 percent on the net profit (capital gain) </li></ul></ul></ul><ul><li>Non-listed companies (from Syariah Councils) </li></ul><ul><ul><li>Difficulties to determine the market value </li></ul></ul><ul><ul><li>Zakat is calculated based on the dividend received </li></ul></ul>
  30. 30. <ul><li>The shares that invested in the company is usually paid in cash . </li></ul><ul><li>Zakat rate is 2.5% for the lowest value of shares. The shares must be held by the shareholders for one year and exclude any loan for purchasing the shares (if any). </li></ul>Zakat on Shares
  31. 31. THE CALCULATIONS <ul><li>Example 1 : Shares owned at the end of one full year. Zakat rate is 2.5 % on the lowest cost and the market value. </li></ul><ul><ul><li>200,000 units of shares in (Halal stocks listed in Syariah Index) x RM 1.00 (the lowest price) = RM 200,000 </li></ul></ul><ul><ul><li>The zakat is: RM 200,000 x 2.5% = RM5,000.   </li></ul></ul><ul><li>Example 2 : Shares purchases within a year. The zakat is calculated based on 2.5 % on the value of shares after deducting the cost of purchasing new shares. </li></ul><ul><ul><li>The value of shares – the cost of purchasing new shares </li></ul></ul><ul><ul><li>RM500,000 - RM400,000 = RM100,000 </li></ul></ul><ul><ul><li>The zakat is: RM100,000 x 2.5 % = RM2,500 </li></ul></ul>
  32. 32. Zakat on Gold and Silver (Jewellery) <ul><li>Zakat from gold and silver </li></ul><ul><li>The gold and silver are zakatable if they fulfill the nisab rate and one year ownership ( haul ). </li></ul><ul><ul><li>Unused gold </li></ul></ul><ul><ul><ul><li>Satisfied haul and nisab of 85 gram </li></ul></ul></ul><ul><ul><ul><li>Value of gold as at 20/3/07 is RM71.34/gram </li></ul></ul></ul><ul><ul><ul><li>The rate is 2.5 percent </li></ul></ul></ul><ul><ul><li>Used by the owner </li></ul></ul><ul><ul><ul><li>Not subject to zakat </li></ul></ul></ul>
  33. 33. Zakat on EPF <ul><li>Non- absolute ownership method </li></ul><ul><ul><li>Zakat paid when the contributor received the money upon retirement </li></ul></ul><ul><ul><li>The rate is 2.5 percent </li></ul></ul><ul><li>Absolute ownership method </li></ul><ul><ul><li>Based on nisab and haul </li></ul></ul><ul><ul><li>Similar to zakat on saving </li></ul></ul><ul><ul><li>Payable every applicable year regardless the actual money not received by contributors </li></ul></ul>
  34. 34. <ul><ul><li>Zakat on agriculture to owner the staple foods of the particular countries which fulfill the nisab and haul. </li></ul></ul><ul><ul><li>Zakatable grains are paddy, dates, corn, wheat etc. </li></ul></ul><ul><ul><li>The nisab is 5 ausuk or equivalent to 363 gantang /1000kg in Malaysia. </li></ul></ul><ul><ul><li>The haul is equivalent to one full year ownership. The grains or fruits must be planted by the farmers. </li></ul></ul><ul><ul><li>The farmers need to pay the 5% zakat rate on agriculture after grains have been harvested. </li></ul></ul>Zakat on Crops / Agriculture
  35. 35. Zakat on Crops / Agriculture <ul><li>Edible crops (processed rice, ripe fruits, etc) </li></ul><ul><li>For rice, 10 percent without irrigation (pengairan semulajadi – no cost) and 5 percent with irrigation (tiada pengairan semulajadi – with cost) </li></ul><ul><li>May be paid at the time of harvest if satisfy haul and nisab </li></ul><ul><li>The nisab is 1000kg </li></ul><ul><li>Other crops based on RM6200 for the nisab – Business income </li></ul>
  36. 36. LIVESTOCKS <ul><li>Zakat from livestocks </li></ul><ul><li>The livestocks are zakatable when the owners have fulfilled the conditions for nisab and haul. </li></ul><ul><li>Zakatable livestocks are sheeps, cows, buffaloes and camels. </li></ul><ul><li>These livestocks must be healthy, not criple and must not be used to work in the paddy field or carry the goods. </li></ul>
  37. 37. Zakat on Livestock <ul><li>Depend on the type of animal </li></ul><ul><ul><li>30 cows (nisab) – a calf (kadar) </li></ul></ul><ul><ul><li>40 cows - a cow </li></ul></ul><ul><ul><li>60 cows – two calves </li></ul></ul><ul><ul><li>70 cows – a cow and a calf </li></ul></ul><ul><ul><li>40 – 79 goats – a goat </li></ul></ul><ul><ul><li>80 – 119 goats – two goats </li></ul></ul>
  38. 38. Total Number of Cow/ Buffalo Number of Cow/ Buffalo for zakat Sex 30 – 39 40 – 49 60 – 69 70 – 79 80 – 89 90 – 99 100 – 109 110 – 119 120 ke atas 1 1 2 1 & 1 2 3 2 &1 2 3 or 4 Male Female Male Male &Female Female Male Male & Female Male Female @ Male
  39. 39. Total Number of Cow/ Buffalo Age 30 – 39 40 – 49 60 – 69 70 – 79 80 – 89 90 – 99 100 – 109 110 – 119 120 ke atas 1 year or more* 2 years or more ** 1 year or more * 1 year or more*& 2 years or more ** 2 years or more** 1 year or more* 1 year or more*& 2 years or more ** 1 year or more* 1 year or more*& 2 years or more **
  40. 40. Zakat on Livestocks <ul><li>*For every 30 buffaloes, the zakat rate is I male buffalo, aged 1 year or more. </li></ul><ul><li>For every 40 buffaloes, the zakat rate is 1 female buffalo, aged 2 years or more. </li></ul><ul><li>** If there are mixed female and male, the owner can choose any buffalo or cow to be paid as zakat. </li></ul>
  41. 41. EXEMPTION <ul><li>Certain conditions that assets can be exempted from zakat are: </li></ul><ul><ul><li>Non productive fixed asset, </li></ul></ul><ul><ul><li>Non current asset, </li></ul></ul><ul><ul><li>Asset which are not fully owned by the owner, </li></ul></ul><ul><ul><li>Current operating liability, </li></ul></ul><ul><ul><li>Fund for charity, </li></ul></ul><ul><ul><li>Net receivables after zakat deduction, and </li></ul></ul><ul><ul><li>Any receivables from HARAM sources. </li></ul></ul>
  42. 42. THE MEANING BEHIND ZAKAT <ul><li>Affects three areas: </li></ul><ul><ul><li>Morale </li></ul></ul><ul><ul><li>Economy </li></ul></ul><ul><ul><li>Social Surroundings </li></ul></ul><ul><li>Protection for the Hereafter </li></ul><ul><li>Wealth do not belong to us </li></ul><ul><li>“ The More You Give, The More You Receive ” </li></ul>
  43. 43. Benefits of zakat <ul><li>Zakat implies a deep humanitarian and social-political value such as free society from class warfare, distrust and corruption. </li></ul><ul><li>Zakat will balance the socio economy in the country and encourage the rich to help the poor continuously. </li></ul><ul><li>Zakat is the backbone of Muslim nation's financial system that keeps money in circulation. </li></ul><ul><li>Zakat also discourages hoarding and protect the muslims from many other vices, as love of wealth is the root of many immoral actions. </li></ul>
  44. 44. Benefits of zakat <ul><li>The practice of zakat will produce more loving, caring and helping society in the future. </li></ul><ul><li>Zakat payment will lead to growth and development of all human beings and remove the poor-due in the long term. </li></ul><ul><li>Zakat may also improve all human beings faith and spiritual progress. </li></ul>
  45. 45. Dalil (Sources)Benefits of zakat <ul><li>&quot; Who is he that will lend to Allah a goodly loan, then (Allah) will increase it manifold to his credit (in repaying), and he will have (besides) a good reward (i.e. paradise).&quot; </li></ul><ul><li>[Surah Al Hadiid:11] </li></ul><ul><li>“ Verily (Ketahuilah), those who give Sadaqah (i.e. Zakat and alms, etc.), men and women, and lend to Allah a goodly loan, it shall be increased manifold (to their credit), and theirs shall be an honourable good reward (i.e. paradise).” </li></ul><ul><li>[Surah Al-Hadiid :18] </li></ul>
  46. 46. Dalil (Sources)Benefits of zakat <ul><li>If you lend to Allah a goodly loan (i.e. spend in Allah's Cause) He will double it for you, and will forgive you. And Allah is Most Ready to appreciate and to reward, Most Forbearing.&quot; [Surah Ath-Thalaaq:17] </li></ul>
  47. 47. ZAKAT IN THE QURAN <ul><li>30 places in the Quran stressing the importance of Zakat:- </li></ul><ul><li>“… And Allah said: “I am with you if you perform Prayer and give Zakat and believe in My Messengers: honour and assist them, and lend a good loan to Allah, verily, I will expiate your sins and admit you to Gardens under which rivers flow (in Paradise). But if any of you after this, disbelieved, he has indeed gone astray from the Straight Path.” (Al-Maidah: 12) </li></ul>
  48. 48. IN THE RED <ul><li>From an Islamic perspective, being in debt is not encouraged: </li></ul><ul><li>Greatest sin is to die in a state of debt & no asset to pay it off </li></ul><ul><li>Conventional loans – interest bearing and can increase the burden of the person! </li></ul><ul><li>However, Islam encourages us to help one another… </li></ul>
  49. 49. FINANCING <ul><li>… hence under Islamic Banking = Financing! </li></ul><ul><li>Profit rate again replaces interest rate </li></ul><ul><li>So why is the profit rate under Islamic financing usually higher than the interest rate for a conventional loan? </li></ul>
  50. 50. FINANCING <ul><li>Under Islamic financing, the customer is not usually penalized for late payment </li></ul><ul><li>Under the “Reducing Balance” concept, if you settle your loan before the maturity of the period, you do not have to pay the profit due to the bank for the remaining years </li></ul><ul><li>Financing restructure depends on the financial capability of the client </li></ul>
  51. 51. Comparison between Zakat and Taxation System Items Zakat Tax Objective Purification of Wealth Law obligations Calculation As previously highlighted 4a- 4f (taxation law) Concept Religious payment by Muslim Process of raising money by government Legislation Al Quran/ Sunnah/ Ijtihad Statute law Common law IRB / LHDN Guidelines Collection Islamic council /PPZ IRB /LHDN Distribution 8 asnaf (penerima zakat) For govt. expenditure and development.
  52. 52. References <ul><li>Basic readings: . Zakat calculation based on working capital model </li></ul><ul><li>Further readings: </li></ul><ul><ul><li>Bahari & Hamat (2004)“Rethinking zakat on employment income”, unpublished paper presented in 6 th Asian Inter-University Seminar on social development, 14 th – 16 th May 2004. Available on the net: <> </li></ul></ul>
  53. 53. Useful Links on Zakat calculation <ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul>