An appraisal on the obligation of companies to pay zakat: The Malaysian law and shariah perspectives
Zakat is one of the five pillars of Islam obligatory upon human beings who believe in Allah and His Messenger (pbuh). It refers to the determined share of wealth prescribed by Allah as an act of worship. The consideration of its great objectives (al-maqasid) in Islam, among others, public interes...
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| Main Authors: | , |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2018
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| Subjects: | |
| Online Access: | http://eprints.unisza.edu.my/1377/1/FH03-FUHA-19-22903.pdf http://eprints.unisza.edu.my/1377/ |
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| Summary: | Zakat is one of the five pillars of Islam obligatory upon human beings who believe
in Allah and His Messenger (pbuh). It refers to the determined share of wealth
prescribed by Allah as an act of worship. The consideration of its great objectives
(al-maqasid) in Islam, among others, public interest and social justice to the
Muslim society influences contemporary Muslim jurists to uphold the obligation of
companies to pay zakat as issued in their fatwas and resolutions. In Malaysia,
several fatwas and resolutions issued by the religious fatwa councils clearly impose
this religious obligation on the corporations as their business zakat (urudh altijarah) which are legally registered under the Companies Act 2016.
This paper discusses the obligation of companies to pay zakat from Malaysian law
and Shariah perspectives. It aims to analyse whether it is legally viable for
corporations registered under the Companies Act 2016 which adopts the English
common law to be obligated to pay zakat. Research methodology applied in this
paper is doctrinal and statutory analysis. |
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