Zakat on financial instruments

Joint Authors

Ismail, Abd al-Ghaffar B.

Edition

1 ed.

Publisher

Islamic Development Bank (IDB) Islamic Research and Training Institute (IRTI)

Publication Date

2015-12-31

Country of Publication

Saudi Arabia

No. of Pages

20

Main Subjects

Economy and Commerce
Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Islamic jurisprudence
• Islam
• Children
• Orphans
• Savings
• Speculation
• Alms tax
• Bank deposits
• Mentally ill persosns
• Diminishing partnership
• Deeds

English Abstract

The objective of this paper is to create a gap between zakat on financial institutions and financial instruments held by the individuals.

As zakat on financial institutions are already recognized by the financial and standard setting bodies but a new development especially for the underlying contract that warrant us to visit the subject with an intention to recognize zakat on financial instruments owned by individuals.

The concept of real owner is discussed when a financial instrument is issued by financial institution and bought up by client debt or instalment basis.

Efforts are made in this paper to find the ‘real owner’ of such financial instruments on whom zakat must be made obliged once it meet minimum standard of nisab.

Table of Contents

• APA
• MLA
• AMA

Language

English

Document Type

Book

Notes

Includes bibliographical references : p. 20

Record ID

BIM-654627