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Zakah practice in Islamic banking institution in Malaysia: a legal horizon

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

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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.

Item Type: Article
Uncontrolled Keywords: Banking Zakah, Zakah Practice, Islamic Banking Institution.
Subjects: B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc
H Social Sciences > HG Finance
Divisions: School of Law
Depositing User: Mr. Muhammad Hafiz Badarulzaman
Date Deposited: 07 May 2017 06:48
Last Modified: 07 May 2017 06:48
URI: http://repo.uum.edu.my/id/eprint/21967

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