Professional Diploma in Zakath Management
Zakat literally means ‘to increase’ in growth. It also means blessing, purification and commendation. Zakat is an obligatory act ordained by Allah to be performed by every able bodied Muslim. It is part of the wealth and property that Muslims must pay annually, to help the poor of their community. Zakat is one of the Five Pillars of Islam, mandatory for all Muslims. Zakat is not a charitable contribution, and is considered as a tax. Therefore it is important for all the Muslims to know about the Zakat, how to collect and how to access the Zakatable income.
This is a Diploma in Zakath Management. This course aims to introduce one of the five pillars and obligations of Islamic, Zakath. This course explains the importance of Zakath as a tool for social justice. Further, the course also describes Zakatable wealth and how to calculate it. The course concludes after introducing the Zakath management and calculation. This is an online Zakath Management course.
Outcomes
At the end of this course, the students will be able
1. Define Zakth and Zaktable wealth
2. Explain how Zakath helps to establish social justice
3. Describe the Zakath collection process and administration
4. Calculate the Zakathable amount
Course contents
- Basic of Zakath
- Zakath as a tool to establish Social justice
- Zakatable wealth
- Assessment of Zakath
- Recipients of Zakath
- Calculation of Zakath
- Calculation of Zakath
- Payment of Zakath
- Management of Zakath collection
- Zakath Accounting
- AAOIFI Sharia standards of Zakath
| Program | Professional Diploma in Zakath Accounting and management |
|---|---|
| Target Audience | Islamic finance professionals, managers of Islamic firms, entrepreneurs, accountants, accounting technicians, Zakath fund managers, Islamic bank management, Mosques managers and students who want to start a career in Zakath Management. |
| Study Mode | Online (Distance Learning) |
| Duration | 30 Hours (Flexible - Students have freedom to start at their own and to complete) |
| Academic requirements | Basic knowledge of business, Islamic finance and accounting |
| Work experience | Not required, however, professional experience in Halal industry will be recognized for Accredited Prior Learning (APL) |
| English language requirement | Reading, writing and presentations skills |
| Learning materials | Animated videos, reading materials, e-books and case studies weekly live Q & A with instructors |
| Assessments | Students need to complete end of chapter questions, assignments, Capstone projects and recorded presentation. |
| Award | Professional Diploma in Zakath Accounting and Management |
| Awarding body | Students have choice to select the Diploma provider of 1. London School of Business and Social Sciences (LSBSS) 2. Geneva School of Business and Economics (GSBE) 3. American International Theism University (AITU) |
| Fees | UK£ 250 - London School of Business and Social Sciences (LSBSS) or Geneva School of Business and Economics (GSBE) UK£ 500 - AITU |
* Limited number of financial relief and tuition waivers available to deserving students. Contact admin@iiisef.com for further details on financial relief/tuition fees and APL
Course contain in detail
- Basics of Zakath
This lesson is dedicated to explain the basics of Zakath. This chapter describe the word “Zakath”, importance
in Islam. The Quran verses and Hadith regarding Zakath.
- Zakath as a tool to establish Social justice
An efficient Zakath distribution would lead to Social justice in the society. The lesson explain how Zakath can be used as tool to establish social justice via Zakath.
- Zakatable wealth
There are many wealth has been added to the current list of Zakathable wealth. Assets that are included in the Zakat calculation are cash, shares, pensions, gold and silver, business goods and income from investment property. Personal items such as home, furniture, cars, food and clothing (unless used for business purposes) are not included. Therefore it is important for Zakath collecting agencies and individuals to know about the Zakathable wealth.
- Recipients of Zakath
There are eight group of people has been prescribed by the Quran who are eligible for Zakath Fund. This lesson explains all the group in detail.
Assessment and calculation of Zakath
Assessing and calculating the Zakath needs some accounting and mathematic works needed to be done by the collecting agency or the individuals. The lesson is dedicated to the calculation part.
Payment of Zakath
The lesson describes how the Zakath payment can be done by the individuals and businesses.
Management of Zakath collection
Zakath collecting organizations are important entities in the Muslim world. This lesson elaborates how the Zakath funds can be managed by the entities, the cash inflow and outflow, qualification of the admin staff and the organizational structure of the collecting entities.
Zakath Accounting and AAOIFI Sharia standards of Zakath
AAOIFI is one of the leading standard setting organization for Islamic financial institutions. This chapter explain the Sharia and accounting standards. The Sharia standards describes about the recipients, duration, modern business entities zakatable assets and how to calculate. These standards are universally accepted by many countries in the regulatory level. It is important for the students to know about the role of AAOFI.