Abstract
Imam Hanafi believes that zakat funds should not be saved or invested. While Imam Maliki, Imam Syafie and Imam Hambali stated that zakat funds could be spent on a specific condition. This paper aims to analyse the investment of zakat funds at the zakat institution Pulau Penang (ZPP) from the view of zakat Experts. The question is, whether investing zakat funds is allowed? The objective of this paper will use secondary data through content analysis methods. Research findings show that Experts have two views, namely the first group that does not allow and the two groups that justify. Zakat Experts in Malaysia are more likely to view the investment of zakat funds is required for the interests of the eight legitimate recipients (asnaf) itself. Their reason is the benefit of the people. In ZPP, zakat fund investments are more concentrated in non-material. The forms are like Zakat Hemodialysis Center (PHZ) and the development of education, when in the form of investment materials made in fixed deposits in Islamic banking institutions. Can also show that zakat fund investment is justified if the following the sharia invests.
Highlights
Referring to the meaning of zakat as described in the Qur'an, zakat means to increase, purify, cleanse and bless the treasure (Al Qaradawi, 2011; Doktoralina and Bahari, 2017)
Any additional payment for amil can be able from Baitulmal both from other charities Collecting of zakat in Malaysia is increasing from time to time to hundreds of millions of ringgit (Zakat Pulau Pinang, 2015)
Based on the analysis of the views of zakat scholars on investment from zakat funds, the experts disagreed over the necessity
Summary
Referring to the meaning of zakat as described in the Qur'an (sura al-Taubah, 103), zakat means to increase, purify, cleanse and bless the treasure (Al Qaradawi, 2011; Doktoralina and Bahari, 2017). The majority of fuqaha argue that zakat quotation funds in each year need not be distributed to asnaf. The division of zakat needs to pay attention to two aspects, namely the rate of asnaf and the amount of zakat collected (Al Qaradawi, 2011). Any additional payment for amil can be able from Baitulmal both from other charities Collecting of zakat in Malaysia is increasing from time to time to hundreds of millions of ringgit (Zakat Pulau Pinang, 2015). Various methods have been planned and arranged by the zakat centre in Malaysia to manage and increase existing zakat funds (Embong et al, 2013). One of them is by doubling the zakat fund is through investment activities (Latif, 1998). The role of accounting Zakat as a support function in Supply chain management is needed (Ahmed et al, 2016; Doktoralina et al, 2018)
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