A Zakat Accounting Standard (ZAS) for Malaysian companies
This paper focuses on the need to harmonize the practice of zakat on companies throughout Malaysia by implementing a zakat accounting standard (ZAS). The objectives of this paper are fourfold: (1) to highlight the current practice of zakat on companies in Malaysia; (2) dis...
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| Format: | Article |
| Language: | English |
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Association of Muslim Social Scientists
2007
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| Online Access: | http://irep.iium.edu.my/33857/ http://irep.iium.edu.my/33857/ http://irep.iium.edu.my/33857/1/A_Zakat_Accounting_Standard_%28ZAS%29_for_Malaysian_Companies.pdf |
| Summary: | This paper focuses on the need to harmonize the practice of zakat on companies throughout Malaysia by implementing a zakat accounting standard (ZAS). The objectives of this paper are fourfold: (1) to highlight the current practice of zakat on companies in Malaysia; (2) discuss the usefulness of AAOIFI FAS 9, MASB FRS i-1, and MASB TR i-1 as guidelines for developing a ZAS; (3) suggest a collaboration by various parties designed to pool initiatives, knowledge, and skills to develop a useful and favorable ZAS; and (4) to demonstrate that without proper education and a strong political will, there is a little hope of making any ZAS a reality. |
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