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Zakat Calculation for Bank Shariah Malaysia

This document contains calculations of zakat payable by Bank Shariah Malaysia Berhad for 2004 and 2005 using the net assets method and net invested fund method. Under the net assets method, the zakatable amount is calculated as the difference between total current assets and total current liabilities, which was RM547 million in 2004 and RM1.075 billion in 2005. The zakat due using a rate of 2.5775% was RM14.098 million in 2004 and RM27.721 million in 2005. The net invested fund method yielded the same results.

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31 views3 pages

Zakat Calculation for Bank Shariah Malaysia

This document contains calculations of zakat payable by Bank Shariah Malaysia Berhad for 2004 and 2005 using the net assets method and net invested fund method. Under the net assets method, the zakatable amount is calculated as the difference between total current assets and total current liabilities, which was RM547 million in 2004 and RM1.075 billion in 2005. The zakat due using a rate of 2.5775% was RM14.098 million in 2004 and RM27.721 million in 2005. The net invested fund method yielded the same results.

Uploaded by

NUR ARISSA BINTI AZHAN
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© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ANSWER TO HOMEWORK

CHAPTER 13
Question 13.6
Zakat Payable by Bank Shariah Malaysia Berhad

NET ASSETS METHOD


2004 2005
Current Assets RM RM
Cash and bank balances 155,000,000 150,500,000
Deposits and placement with financial institutions 2,010,500,000 1,800,000,000
Dealing securities 1,420,500,000 1,200,500,000
Investment securities 490,200,000 300,000,000
Financing of customers 3,800,300,000 4,500,000,000
Tax recoverable 9,200,000 -
Bills receivable 127,300,000 250,500,000
Total Current Assets 8,013,000,000 8,201,500,000

Less: Current Liabilities


Deposit from customers 7,350,000,000 7,000,500,000
Deposit and placement of banks and other financial institution 50,500,000 40,500,000
Bill payable 65,500,000 85,000,000
Total Current Liabilities 7,466,000,000 7,126,000,000

Zakatable Amount (TCA - TCL) 547,000,000 1,075,500,000


Zakat due at 2.5775%' 14,098,925 27,721,013
NET INVESTED FUND METHOD

Share capital 500,000,000 500,000,000


Reserves 647,500,000 1,226,500,000
1,147,500,000 1,726,500,000
Less: deposit with BNM (250,500,000) (250,500,000)
897,000,000 1,476,000,000
Less:
Fixed assets (350,000,000) (400,500,000)

Zakatable Amount 547,000,000 1,075,500,000


Zakat due at 2.5775%' 14,098,925 27,721,013

Different - -
The different is small and immaterial

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