ANSWER TO HOMEWORK

CHAPTER 13
Question 13.6
Zakat Payable by Bank Shariah Malaysia Berhad

NET ASSETS METHOD

2004 2005
Current Assets RM RM
Cash and bank balances 155,000,000 150,500,000
Deposits and placement with financial institutions 2,010,500,000 1,800,000,000
Dealing securities 1,420,500,000 1,200,500,000
Investment securities 490,200,000 300,000,000
Financing of customers 3,800,300,000 4,500,000,000
Tax recoverable 9,200,000 -
Bills receivable 127,300,000 250,500,000
Total Current Assets 8,013,000,000 8,201,500,000

Less: Current Liabilities

Deposit from customers 7,350,000,000 7,000,500,000
Deposit and placement of banks and other financial institution 50,500,000 40,500,000
Bill payable 65,500,000 85,000,000
Total Current Liabilities 7,466,000,000 7,126,000,000

Zakatable Amount (TCA - TCL) 547,000,000 1,075,500,000

Zakat due at 2.5775%' 14,098,925 27,721,013
NET INVESTED FUND METHOD

Share capital 500,000,000 500,000,000

Reserves 647,500,000 1,226,500,000
1,147,500,000 1,726,500,000
Less: deposit with BNM (250,500,000) (250,500,000)
897,000,000 1,476,000,000
Less:
Fixed assets (350,000,000) (400,500,000)

Zakatable Amount 547,000,000 1,075,500,000

Zakat due at 2.5775%' 14,098,925 27,721,013

Different - -
The different is small and immaterial