Zakah practice in Islamic banking institution in Malaysia: a legal horizon
The objective of the zakah payment is focused on the economic development of the ummah (society) and baldah (nation) and not only confined to the ritual practices. Islamic banking institutions (IBIs) in Malaysia are one of the entities that accountable for banking zakah. This paper will look in dept...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Universiti Malaysia Perlis
2016
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| Subjects: | |
| Online Access: | https://repo.uum.edu.my/id/eprint/21967/1/JHDC%205%202016%2063-78.pdf |
| _version_ | 1825804659009257472 |
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| author | Badarulzaman, Muhammad Hafiz Azhar, Alias Md Ismail, Che Thalbi |
| author_facet | Badarulzaman, Muhammad Hafiz Azhar, Alias Md Ismail, Che Thalbi |
| author_sort | Badarulzaman, Muhammad Hafiz |
| collection | UUM |
| description | The objective of the zakah payment is focused on the economic development of the ummah (society) and baldah (nation) and not only confined to the ritual practices. Islamic banking institutions (IBIs) in Malaysia are one of the entities that accountable for banking zakah. This paper will look in depth the concept and the legality of zakah. Besides, this paper also will deliberate the legal background of IBIs and analyze specifically on the zakah practice among the IBIs in Malaysia. This paper is totally a qualitative research paper in which it is more exploratory in nature and possibly resulting in the development of concepts and theories. Furthermore, historical
approach will be used as to find out how and why certain rules, principles or institutions have come to take their present form. In addition, this paper also recapitulates all issues and challenges
encountered by IBIs in Malaysia vis a vis zakah practice. Finally, some recommendations will be laid down such as the needs to propose a new statute to administer banking zakah and to set up a proper body to supervise on the aforesaid statute as well as to improve the zakah practice in IBIs in Malaysia. |
| first_indexed | 2024-07-04T06:19:16Z |
| format | Article |
| id | uum-21967 |
| institution | Universiti Utara Malaysia |
| language | English |
| last_indexed | 2024-07-04T06:19:16Z |
| publishDate | 2016 |
| publisher | Universiti Malaysia Perlis |
| record_format | eprints |
| spelling | uum-219672017-05-07T06:48:33Z https://repo.uum.edu.my/id/eprint/21967/ Zakah practice in Islamic banking institution in Malaysia: a legal horizon Badarulzaman, Muhammad Hafiz Azhar, Alias Md Ismail, Che Thalbi BP Islam. Bahaism. Theosophy, etc HG Finance The objective of the zakah payment is focused on the economic development of the ummah (society) and baldah (nation) and not only confined to the ritual practices. Islamic banking institutions (IBIs) in Malaysia are one of the entities that accountable for banking zakah. This paper will look in depth the concept and the legality of zakah. Besides, this paper also will deliberate the legal background of IBIs and analyze specifically on the zakah practice among the IBIs in Malaysia. This paper is totally a qualitative research paper in which it is more exploratory in nature and possibly resulting in the development of concepts and theories. Furthermore, historical approach will be used as to find out how and why certain rules, principles or institutions have come to take their present form. In addition, this paper also recapitulates all issues and challenges encountered by IBIs in Malaysia vis a vis zakah practice. Finally, some recommendations will be laid down such as the needs to propose a new statute to administer banking zakah and to set up a proper body to supervise on the aforesaid statute as well as to improve the zakah practice in IBIs in Malaysia. Universiti Malaysia Perlis 2016 Article PeerReviewed application/pdf en https://repo.uum.edu.my/id/eprint/21967/1/JHDC%205%202016%2063-78.pdf Badarulzaman, Muhammad Hafiz and Azhar, Alias and Md Ismail, Che Thalbi (2016) Zakah practice in Islamic banking institution in Malaysia: a legal horizon. Journal of Human Development and Communication (JoHDEC), 5. pp. 63-78. ISSN 2289-2702 https://johdec.unimap.edu.my/index.php/volume-5-2016 |
| spellingShingle | BP Islam. Bahaism. Theosophy, etc HG Finance Badarulzaman, Muhammad Hafiz Azhar, Alias Md Ismail, Che Thalbi Zakah practice in Islamic banking institution in Malaysia: a legal horizon |
| title | Zakah practice in Islamic banking institution in Malaysia: a legal horizon |
| title_full | Zakah practice in Islamic banking institution in Malaysia: a legal horizon |
| title_fullStr | Zakah practice in Islamic banking institution in Malaysia: a legal horizon |
| title_full_unstemmed | Zakah practice in Islamic banking institution in Malaysia: a legal horizon |
| title_short | Zakah practice in Islamic banking institution in Malaysia: a legal horizon |
| title_sort | zakah practice in islamic banking institution in malaysia a legal horizon |
| topic | BP Islam. Bahaism. Theosophy, etc HG Finance |
| url | https://repo.uum.edu.my/id/eprint/21967/1/JHDC%205%202016%2063-78.pdf |
| work_keys_str_mv | AT badarulzamanmuhammadhafiz zakahpracticeinislamicbankinginstitutioninmalaysiaalegalhorizon AT azharalias zakahpracticeinislamicbankinginstitutioninmalaysiaalegalhorizon AT mdismailchethalbi zakahpracticeinislamicbankinginstitutioninmalaysiaalegalhorizon |