Page 107 - Dimensi Baharu Zakat di Malaysia

© DIMENSI BAHARU ZAKAT DI MALAYSIA
ISBN 978-967-2959-04-5

traded (Interview C4, June 30, 2018). Hence, it is understood that
C4 treats its business zakah as if zakah on personal income -which
is charged on the profit earned- different from other institutions
which consider them as paying zakah on behalf of their
shareholders, which is imposed on their growing business equity and
assets.

Fixed Asset Deduction in Assessment
In the estimation of zakah, fixed and non-current assets are not
subject to the assessment of zakah as they are considered as non-
growth. In this case, JAWHAR in its manual have suggested that
fixed assets that fully owned by the institution are allowed to be
deducted from zakah assessment.
Although such practice has been widely understood by all
institutions, the study has found an anomaly that need to be
highlighted. In this case, A2 has excluded fixed assets from its zakah
assessment. It is however rather confusing, when the fixed assets are
not actually owned by the institution and belong to its parent bank
instead. Furthermore, the assets also do not appear in its financial
report.
In this case, the institution argued that although all fixed assets
belong to the parent institution, it may not portray the real situation.
They feel that their Islamic operation has to certain extent
contributed in acquiring those assets although there is no record
showing such an involvement. Hence, they normally consider those
assets- in proportion- belong to Islamic subsidiary (equivalent to the
amount deducted in the zakah assessment).
Although their justification may not be totally ignored, such a
practice must be made consistent with the financial report.
Responding to the abnormality found in the study, the officials of
the institution however admit that they are aware of the situation and
will make suitable rectification accordingly in the future.

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