Page 109 - Dimensi Baharu Zakat di Malaysia

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

and disbursement of zakat are totally under the control of the
institutions. Such suggestion can be construed as asking the
institutions to be suspicious of their own conducts. Perhaps, what
has been practiced by B2 can be taken into consideration by
JAWHAR or other zakah institutions should they want to come up
with a better manual or guideline in the future.

Segregation of Shareholder’s fund
As only seven institutions have used capital growth and working
capital methods, the issue of the segregation of shareholder’s fund
does only matter to these institutions (as shown in Table 3) while C4
which used profit method is deemed irrelevant.

Table 3: Shareholder Fund in Islamic Financial Institutions
Shareholder Fund Institutions
Subject to Zakah A1 A2 B1 B2 C1 C2 C3
All fund / / /
Muslims only / / / /
Source: Interview

Based on Table 3, there are two approaches to calculate the
amount of shareholders' funds subject to zakah:

1. A1, B2 and C2 take into account all shareholders' funds belong
to both Muslim and non-Muslims.
2. A2, B1, C1 and C3 consider Muslim shareholders' funds only.

As previously mentioned that the fatwa in Malaysia have
stipulated that zakah is only imposed on Muslim shareholders
(Zakat Collection Center-Federal Territory Islamic Religious
Council, 2017). Hence, such fatwa has been followed by A2, B1, C1
dan C3 while A1, B2 and C2 prefer to pay for all their shareholders.
Responding to the question on why they go for the latter choice, the
officials argued that they believe that the business capital
contributed by the owners are considered as neutral (halal) although

99
100