Page 104 - Dimensi Baharu Zakat di Malaysia

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

Zakah Rate
Apart from variation of methods, there are also two different rates
can be applied by banks. It is widely agreed that zakah on business
should be levied at 2.5 percent (JAWHAR, 2010). This rate however
must be applied when the hawl of one Hijri year is used. Such a hawl
is not necessarily practical today as most of companies use
Gregorian calendar year as their accounting year. As the Gregorian
calendar is slightly longer as compared to Hijri calendar up to 11
days, some scholars proposed that the rate must be fixed at 2.5775
percent which proportionately according to the former calendar
(AAOIFI, 2008)

METHODOLOGY
This research employed a combination of library and field research.
Library research is used to clarify related information about the
concept of zakah on business in reference to the Quran and Hadith,
besides other documents and guidelines adopted by Islamic financial
institutions, such as the guideline from JAWHAR as a basis for
zakah assessment. On top of that, a series of interviews were
conducted in order to get the information from the institutions.
Currently, a total of 38 institutions have been granted Islamic
financial institution license by Bank Negara Malaysia. Bank Islam
Malaysia Berhad, Bank Muamalat Malaysia Berhad, Al Rajhi
Banking & Investment Corporations (Malaysia) Berhad, Kuwait
Finance House (Malaysia) Berhad, MBSB Bank Berhad and P.T
Bank Muamalat Indonesia are full-fledged Islamic banks. Affin
Islamic Bank Berhad, Alliance Islamic Bank Berhad, AmBank
Islamic Berhad, CIMB Islamic Bank Berhad, HSBC Amanah
Malaysia Berhad, Hong Leong Islamic Bank Berhad, Maybank
Islamic Berhad, OCBC Al-Amin Bank Berhad, Public Islamic Bank
Berhad, RHB Islamic Bank Berhad and Standard Chartered Saadiq
Berhad are considered Islamic bank subsidiaries. Development
Financial Institutions are Bank Kerjasama Rakyat Malaysia Berhad
(Bank Rakyat), Bank Pembangunan Malaysia Berhad, Bank
Pertanian Malaysia Berhad (Agrobank), Small Medium Enterprise
Development Bank Malaysia Berhad (SME Bank), Bank Simpanan

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