Business zakat reporting

Business zakat is imposed on the net wealth of businesses in commodities comprising industrial and consumer products, construction, plantation, and infrastructure. One of the most rapidly growing industries is financial services. The financial services industry in Malaysia is divided into the Islamic financial system and conventional financial system. Islamic financial institutions (IFIs) are the important market players in meeting the changing requirements of the new economy. IFIs are required under the Financial Services Act 2013 and the Islamic Financial Services Act 2013 to prepare their financial statements in accordance with the Malaysian Financial Reporting Standards. Measurement of assets and liabilities are made on the date zakat is assessed.