Inheritances and Zakat Accounting ACNA 3215

Course description:

This course introduces the student, and familiarizes him with the basic principles of Zakat and its calculation. This course deals with the Identification of Zakat base, Zakat deduction, Zakat calculation, Zakat distribution, Zakta resources disclosure. Also introduce accounting for inheritances, and how to settle and distribute inheritances for beneficiaries.

Course Aims:

This course aim to learn students:
  • Purpose of Zakat (Religious purposes, Social Purposes, Economic Purposes, Political Purposes).
  • Conditions of Zakat (Nisab, the passage of one Lunar year).
  • Characteristics of Zakat. 
  • Main difference between Zakat and Taxes.
  • Islam position on imposing Taxes in addition of Zakat.
  • Characteristics of Zakat on Money Wealth.
  • Zakat on Offers of Trade.
  • Zakat on Animal Wealth.
  • Zakat on Agricultural Wealth.
  • Zakat on Work’s Earning.
  • Zakat al-Mustagellat (rented Building, vacant lots prepared for construction, and Vehicles which transport people and Goods).
  • Zakat on Minerals and Marine Wealth.
  • Rules for Inheritance distribution.
  • Settlement of liabilities against inheritance.
  • Determine each beneficiary share.

Course outcomes:

At the completion of the subject, students should be able to: 
  • Analyze the Zakatpayer wealth.
  • Calculate amounts due for different types of Zakat.
  • Determine the effect of Zakat on the economy.
  • Know the rules for distributing inheritance according to Islamic shareea.
  • Make settlement for inheritance.