The Zakat container in contemporary companies: A jurisprudential study by Dr. Majid bin Abdulrahman Al-Frayyan

This book shares two important sciences in the calculation of Zakat, especially in contemporary issues and emerging cases related to modern companies, namely: Islamic jurisprudence and accounting science; which makes it a significant scientific addition to the calculation of the Zakat base for these companies. This is due to the importance of the solidarity and interconnection between accounting science and Islamic jurisprudence in the obligation of Zakat, as the determination, measurement, verification, and reporting of the base are fundamentally subject to Islamic legal rulings. Why this book: Zakat is both a religious act of worship and a social obligation at the same time, as it is a financial duty related to wealth, taken from capital and crops at specific rates from those who own a share and have completed a lunar year, and paid to the truly deserving poor and needy. With the continuous economic development in Islamic countries, the diversification of financial institutions, the proliferation of companies owning wealth, and the expansion of their financial dealings, in addition to the increasing complexity of many financial issues; it becomes necessary to consider the requirements of this development in the evolution of rulings. From this, the urgent need for this study arises—to establish a common ground between modern companies and the entities collecting Zakat by clarifying the Islamic legal description of issues related to the Zakat base in contemporary companies, along with presenting the Islamic rulings on these issues in a systematic research manner. Therefore, the book gains importance in assisting legal accountants in applying Shariah rulings to the accounting terms appearing in the financial statements of modern companies. It also holds significance in narrowing the gap in opinions among Shariah committees, Islamic jurisprudence councils, and scientific fatwas related to the Zakat base concerning issues of contemporary companies. Hence, the subject involves depicting the components of the Zakat base and describing them in a jurisprudential manner, making it easier to clarify their legal ruling through a systematic jurisprudential approach. It is hoped that this study will contribute to clarifying the issues of Islamic Zakat, defining their descriptions, shortcomings, rulings, and applying them to the reality of modern companies. It aims to resolve many practical problems related to the subject, regulate the significant discrepancies in the application of rulings among accountants and Shariah scholars, and address the differences among scholars on many issues related to the Zakat base and the conflicting fatwas concerning them.