Welcome to the National Business Zakat Symposium

And perform As-Salat and give Zakat, and whatever of good (deeds that Allah loves) you send forth for yourselves before you, you shall find it with Allah. Certainly, Allah is All-Seer of what you do. (110)

(Surah Al-Baqara: Ayat 110)

It is compulsory for all Malaysian Business to pay zakat.  Moreover, in Islam zakat is priority to be paid before taxation can be paid.  Since accounting is a tool to record business transactions, zakat rely heavily on accounting information to assess zakatable amount.  Thus, undeniably accounting and zakat cannot be separated.   

Malaysia is among few countries in the world that have proper pronouncement on business zakat.  The pronouncement was issued by MASB in 2006 in form of technical release MASB TRi-1 Accounting for Zakat on Business.  However, the major drawback of this pronouncement is the fact that zakat management is under the state authority ruled by state Ruler. Due to increase in zakat payers, especially from businesses, knowledge on zakat accounting needs to be re-introduced to the accounting practitioners. 

The one-day ‘National Business Zakat Symposium' is purposely designed to convey zakat accounting knowledge to the accounting practitioners.  The philosophy of zakat, zakatable items for businesses, requirement of MASB TRi-1 and future direction of zakat accounting will be thoroughly discussed during the symposium.  It is hope that standardization practice on business zakat in Malaysia can be achieved though this program.    

Aims

The aims of this symposium are:

·        To enhance understanding about the proper accounting for business zakat and discuss current and potential issues regarding the implementation of accounting for business zakat.

·        To promote the standardization of accounting practice for business zakat in Malaysia.

·        To promote a meaningful relationship between accounting practitioners and zakat authorities.