Perundangan dan prosedur zakat di institusi-institusi perbankan Islam Malaysia

There are various primary sources of zakat payment and among others are the Banking Zakat Management Manual 2010 (MPZP 2010) and Technical Release (TR i-1). MPZP 2010 obligates Islamic banking institutions to pay zakat when it meets certain conditions. While the TR i-1 only makes zakat as a liability to be stated in the financial statements in Islamic banking institutions. When MPZP 2010 and TR i-1 are inconsistent with the stipulated procedure, hence there will be apparent differences in the obligation of zakat payment by Islamic banking institutions. Thus, this research includes five Islamic banking institutions in Malaysia as samples to be analysed in terms of procedures and legislation of zakat. There are four objectives of research namely examining the legal provisions that enable Islamic banking institutions in Malaysia in collecting and paying zakat; studying the capacity and jurisdiction of Islamic banking institutions in obligating the payment of zakat; studying the overlapping of jurisdictions between the Central Bank of Malaysia (BNM) and the State Islamic Religious Council (MAIN) in enforcing the regulation of zakat collection; and analysing procedures of zakat computations and distributions. This research was conducted qualitatively using historical and comparative approaches. The data collection and analysis is done through interviews and content analysis. The results of the research found that there is no specific legal provision related to the zakat payment. The Islamic banking institutions in Malaysia cannot collect banking zakat on its entity capacity unless being authorized by MAIN. Besides, this Islamic banking institution has the jurisdiction to obligate the payment of zakat. There is no overlapping of jurisdictions between MAIN and BNM as collection and distribution matters are still under the purview of MAIN. While BNM has the authority to obligate Islamic banking institutions to state the method of banking zakat computation in the annual financial report that includes growth capital method which is met the Maqasid Syariah. In conclusion, the standardization in banking zakat governance could ensure transparency and accountability in terms of collection, payment and distribution of zakat.