Zakat

Select which are correct about zakat

• Obligated by the law

• Distributed to 8 asnaf

• Collected by LHDN

• 2.5% of working capital

Other name for "one full year"

What are the two primary methods to determine zakat base as FAS 9 suggest?

• The Net Asset Method

• The Net Invested Fund Method

• The Net Liability Method

• The Asset Value Method

What does 'zakat' means ?

• Purification of something from dirt or filth

• Payment charged on zakat base

• Fee charged on Income

• Wealth distribution to close family and friends

Which of the following is NOT among the 8 asnaf ?

• Fakir

• New convert to Islam (Muallaf)

• employee that collect and administer zakat

• loan distributor

These are wealth that are subjected to Zakat, EXCEPT ?

• Employment Income

• Gold

• Investment

• House

Accounting Standard for zakat is important to reduce the differences that exist on method used by Islamic banks in measuring zakat.

• TRUE

• FALSE

How should wealth be assessed in Zakatable amount?

• Historical Cost

• Initial Cost

• Market Value

• Future-current value

If Asset Value is lower than 'Nisab' during lunar year, then they are exempted from paying Zakat

• TRUE

• FALSE

What is 'Nisab'?

• Zakat amount that was calculated

• Threshold where Zakat becomes payable

• Amount charged on Zakat Base

• One of the wealth that is Zakatable