Accounting Information System AIS
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Week06_GuidetoAcctZakah2.pptxA Guide to Accounting Zakah Part 2
Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
Alms on money should be calculated according to the following steps:
Defining the date completing the year. Varies according to the circumstances of the alms giver
Different monies owned by the alms giver should be assessed at the end of the year according to the rules of alms
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
Alms on money should be calculated according to the following steps:
Assessment of liabilities (deductions) which ae due to be decided upon, from alms money according to the rules of Zakah
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
Alms on money should be calculated according to the following steps;
Defining the receptacle of alms by the deduction of due liabilities from alms money. According to the following equation:
The receptacle of alms = alms assets minus due liabilities
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
Alms on money should be calculated according to the following steps:
Defining and assessing the amount of Nisab according to the kind of money, the kind of activity, and the kind of alms. Nisab differs according to the kind of alms (on what will the alms money be spent).
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
Alms on money should be calculated according to the following steps:
A comparison should be made between the receptacle of alms defined in step 4 with Nisab defined in step 5 so as to know whether alms are due or not. If the receptacle reaches the Nisab then alms would be due.
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
Alms on money should be calculated according to the following steps:
Define the amount which should be taken from the receptacle of alms, which accountants term as the percentage or price of alms. See Guide for specifics on types and amounts of alms.
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
Alms on money should be calculated according to the following steps:
Calculate the amount of alms by multiplying the amount of the receptacle by the amount of the price (percentage) of alms. The result should be the amount of due alms.
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
Alms on money should be calculated according to the following steps:
Defining who pays the due alms are as follows;
For individuals and personal establishments; the individual or owner should pay the due alms.
For partnerships; the amount of due alms should be divided between the partners according to the percentage of his share
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
For investment companies; the amount of due alms should be divided on the number of shares.
Each investor then pays alms according to his shares.
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
d. For partnerships of labor and capital;
The labor pays alms according to his share of profits
The financier pays alms on capital and the profit less the laborer’s share
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
Alms on money should be calculated according to the following steps:
Revenue from alms should be distributed according to its due activities and persons in the light of the rules of Islamic Law.
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
Alms money should be spent on the following:
1. The poor
2. The needy
3. Those who work in administering alms
4. Those whose hearts have been recently reconciled to the Truth
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
Alms money should be spent on the following (continued):
5. To free slaves
6. Those who are in debt
7. In the Path of Allah
8. The wayfarers
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
In order to calculate alms on money, an accountant needs the following tools and methods:
General balance (financial situation) made on the date of calculating alms
Final accounts for the ended year on which alms are to be calculated
Clarification concerning the balance and the final accounts
The price of gold at the time when paying alms is due in order to calculate the Nisab.
A Guide to Accounting Zakah
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Second Essay; Executive Measures for Calculating Alms for Individuals and Companies
5. Different monies possessed by the alms giver should be grouped if of the same kind
Different contemporary fatwas concerning alms
The Guide for calculating alms
Other accountancy tools and methods which may be useful for calculating alms
A Guide to Accounting Zakah
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