Zakat is one of the pillars in Islam. In Malaysia, zakat has been practiced since the arrival of Islam. And today, the practices have been well structured through the establishment of zakat institutions, wider coverage on zakatable assets and proper determination of computation techniques. This has resulted to an increase in the zakat collection to billions of ringgit per-year. This paper is designed to explore the evolution of business zakat practices in Malaysia, includes the use of accounting to facilitate business zakat computation. It will discuss on how the computation of business zakat being structured in Malaysia, the acceptance of accounting towards the practice of business zakat and recent development to strengthen the practice of business zakat. Currently, it can be concluded that the efforts to use accounting to facilitate the business zakat computation has been started, but yet being finished. Thus, this paper suggests a post-structural study to be conducted to review and enhance the existing structure of both, the accounting and zakat practices. The Shariah conditions imposed to zakatable business assets need to be harmonised with accounting principles, for the sake of both practices. This is to ensure that the accounting disclosure can be used as the basis in determining zakatable business assets.
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In-Text Citation: (Kadir & Abdullah, 2019)
To Cite this Article: Kadir, M. R. A., Abdullah, A. Z. (2019). Management of Accounting for Business Zakat Practices in Malaysia: A Closer Look. International Journal of Academic Research in Business and Social Sciences, 9(11), 894–906.
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