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Zakat and tax reporting: Disclosures practices of Shariah compliance companies

The aspects of transparency and clear in muamalah contracts are vital in any form of business activities in complying with Shariah principles. The element of "gharar " or unknown and uncertainty are totally not permissible by the Shariah as its caused injustice to social economics. The Al-...

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Main Author: Nik Mohd Norfadzilah, Nik Mohd Rashid
Format: Conference or Workshop Item
Language:English
Published: 2011
Subjects:
GT Manners and customs
K Law (General)
Online Access:http://eprints.unisza.edu.my/129/1/FH03-FESP-17-08045.jpg
http://eprints.unisza.edu.my/129/
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spelling my-unisza-ir.1292020-10-19T04:55:24Z http://eprints.unisza.edu.my/129/ Zakat and tax reporting: Disclosures practices of Shariah compliance companies Nik Mohd Norfadzilah, Nik Mohd Rashid GT Manners and customs K Law (General) The aspects of transparency and clear in muamalah contracts are vital in any form of business activities in complying with Shariah principles. The element of "gharar " or unknown and uncertainty are totally not permissible by the Shariah as its caused injustice to social economics. The Al-Quran has clearly forbidden business transactions that caused injustice to the society. Zakat which is based on the principle of purifying and growth is an important aspect in Islamic economic. Zakat on business income which is calculated based on growth or net working capital models is a compulsory obligation for Shariah companies. The issue of MASB technical release i–1 accounting for zakat on business and the announcement of Shariah-compliance companies by the Securities Commission Malaysia recently had initiated the current study to explore the zakat reporting compliance among the Shariah-compliance companies. Further, the development of Islamic finance and capital market requires policymakers, practitioners and zakat scholars to look into the clear standards and policy on zakat to be imposed on the Shariah-compliance companies 2011 Conference or Workshop Item NonPeerReviewed image en http://eprints.unisza.edu.my/129/1/FH03-FESP-17-08045.jpg Nik Mohd Norfadzilah, Nik Mohd Rashid (2011) Zakat and tax reporting: Disclosures practices of Shariah compliance companies. In: IEEE Colloquium on Humanities, Science and Engineering (CHUSER), 2011, 05 November 2011, Penang.
institution Universiti Sultan Zainal Abidin
building UNISZA Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Sultan Zainal Abidin
content_source UNISZA Institutional Repository
url_provider https://eprints.unisza.edu.my/
language English
topic GT Manners and customs
K Law (General)
spellingShingle GT Manners and customs
K Law (General)
Nik Mohd Norfadzilah, Nik Mohd Rashid
Zakat and tax reporting: Disclosures practices of Shariah compliance companies
description The aspects of transparency and clear in muamalah contracts are vital in any form of business activities in complying with Shariah principles. The element of "gharar " or unknown and uncertainty are totally not permissible by the Shariah as its caused injustice to social economics. The Al-Quran has clearly forbidden business transactions that caused injustice to the society. Zakat which is based on the principle of purifying and growth is an important aspect in Islamic economic. Zakat on business income which is calculated based on growth or net working capital models is a compulsory obligation for Shariah companies. The issue of MASB technical release i–1 accounting for zakat on business and the announcement of Shariah-compliance companies by the Securities Commission Malaysia recently had initiated the current study to explore the zakat reporting compliance among the Shariah-compliance companies. Further, the development of Islamic finance and capital market requires policymakers, practitioners and zakat scholars to look into the clear standards and policy on zakat to be imposed on the Shariah-compliance companies
format Conference or Workshop Item
author Nik Mohd Norfadzilah, Nik Mohd Rashid
author_facet Nik Mohd Norfadzilah, Nik Mohd Rashid
author_sort Nik Mohd Norfadzilah, Nik Mohd Rashid
title Zakat and tax reporting: Disclosures practices of Shariah compliance companies
title_short Zakat and tax reporting: Disclosures practices of Shariah compliance companies
title_full Zakat and tax reporting: Disclosures practices of Shariah compliance companies
title_fullStr Zakat and tax reporting: Disclosures practices of Shariah compliance companies
title_full_unstemmed Zakat and tax reporting: Disclosures practices of Shariah compliance companies
title_sort zakat and tax reporting: disclosures practices of shariah compliance companies
publishDate 2011
url http://eprints.unisza.edu.my/129/1/FH03-FESP-17-08045.jpg
http://eprints.unisza.edu.my/129/
_version_ 1681493192121253888
score 13.211869

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