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Transforming a conventional financial statement into a Shariah Compliant One

Saksono, Tono (2014) Transforming a conventional financial statement into a Shariah Compliant One. In: 5th Global Islamic Marketing Conference (GIMAC5), 22-23 April 2014, Kuala Lumpur .

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Abstract

The use of the Gregorian calendar as the basis of Islamic Finance has created inadvertent embezzlement of zakat payment. That is because the Gregorian calendar is 11.5 days longer than the Islamic calendar. This flawed accounting system has caused a Muslim’s business to underpay the corresponding zakat, which is accumulating into one year for every thirty year of its business operation. This study does not only calculate the zakat payment loss due to the use of the Gregorian calendar in a Muslim business operation, it also calculates the accuracy of the estimate. Lastly, the study proposes a swift way of transforming a conventional financial system to the one that is compliant with shariah principles, at a low cost.

Item Type: Conference or Workshop Item (Paper)
Subjects: H Social Sciences > HG Finance
Divisions: Faculty of Civil and Environmental Engineering > Department of Infrastructure and Geomatic Engineering
Depositing User: Normajihan Abd. Rahman
Date Deposited: 23 Oct 2014 06:44
Last Modified: 21 Jan 2015 07:15
URI: http://eprints.uthm.edu.my/id/eprint/5602
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