Page 111 - Dimensi Baharu Zakat di Malaysia

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

different from what has been suggested by JAWHAR (Al-Qaradawi,
1994; JAWHAR, 2010).
The other three institutions, have been using classical of 2.5
percent as they believe that the rate has been clearly stipulated in the
Sunnah. In this aspect, both views are actually can be accepted and
can be implemented as they both are well justified. Furthermore,
JAWHAR also did not totally reject the AAOIFI’s stand. In fact, by
adopting the higher rate can show that the institutions are willing to
pay more zakah for the community wellbeing. Besides, they may
see it as ihtiyat (recommended precaution) by choosing the higher
rate over the lower one.

CONCLUSION
Looking back at the findings, it is clear that Islamic financial
institutions have shown their commitment in paying zakah. Each
institution has their own ways to calculate their zakah payable.
Through our observation, it is clear that, there is no standard
assessment process has been strictly followed by the institutions.
The guideline prepared by JAWHAR is merely an optional
instruction besides other local and international guidelines. In
reality, Islamic financial institutions are free to choose any manual
that suits them well.
Being dissimilar in the nature of their business and having
different type of consumers, Islamic financial institutions eventually
take dissimilar path in computing the sum of zakah payable
annually. They may use different method of calculation and
different items in adjustment. Their understanding of what items
supposed to be included or excluded may also vary significantly.
Assets for one Islamic financial institution may be considered as
liability for the other. All of these practices, although vary slightly,
should be closely looked into. Some of them may be suitable to be
adopted as standard practices in zakah assessment in the future.

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