ASPIRATIONAL FUTURE


NAME: HUSSAIN AHMED
ADDRESS: B.B 18 D.I.C ROAD, KAKURI KADUNA SOUTH KADUNA, NIGERIA.
E-MAIL: IYANDAHUSSAIN@YAHOO.COM
PHONE NUMBER: 08182586429

AN ASPIRATIONAL FUTURE
Growing up was hard, though the schools we attended provided a song of optimism. Children are the leaders of tomorrow, was a song of merry, as we see ourselves as the next presidents and decision makers in our beloved country. Visual impairment was the infection for all as we hazily envisaged a future, which was to be deemed vivid. Dust raised by the thick soul of our shoes testified to the sincerity of the strength at which we match. Even in a democratic nation like ours, we still remember our military eras.
Gone are those days when men were boys. Education was a gift which we see as a divine favor from our ancestors. Stories shows we were not as lucky as the decades of young minds before us, where students go on a rather peaceful demonstration for a free full chicken reduced to a half in learning institutions cafeterias.
It was a nice advert when we were informed about a censors operation which was aimed at enabling the government provides accurate care to the people. As a child, the result was emboldening; we almost beat the world in population, though china and India are far beyond our pace. A different mood of headlines flood the news,” we are far from developing” was a tag of my country by some over dressed analyst. Why are they not seeing what I could see even in my sleep? Though electricity was not as frequent, but light worries should not be part of the reasons for these national insults. After all, we all have generators; even the national electricity power authorities have generators for emergency purposes if there were any.
Inquisitiveness as a child paved meaning to the riddles of those blurred dreams I had. Complains of lack of good education, poverty eradication, overpopulation, deficient health care, poor child upbringings were problems needing repair. Thanks to the introduction of internet, research made me realized that my country still stagnantly stands in our darkest moments, thus we need to focus to see light.
Overpopulation has negative impact on our country, no wonder we students no longer receives those entitlements, not even chicken feathers. Those are memories of the past. Environmental problems are unfavorable to social equity and welfare with respect to accessibility to social infrastructure and job opportunities. It is argued that urban poverty in my country has strong links with underdevelopment and environmental degradation. Environmental problems have for instance resulted in loss of job opportunities, increased poverty level, social exclusion and loss in cultural heritage. Many agricultural lands and fishing waters have been polluted, and the people are denied means of livelihood. As a result, a majority of the people feels reluctant to participate in economic development activities; instead they have chosen the part of militancy in the quest for resource control. The inability of cities in my fatherland to cope with increasing environmental challenges resulted in higher crime rates which was a dance of shame that provoked the good fingers of good nationalist to plea for an inspirational future for the generation unborn.
High mortality rate does not seem to be a solution. Hence, the threatening population growth has increased urbanization. Rapid growth of cities due to urbanization has led to the emergence of low-income informal settlements both in the inner-city and on the outskirts. Environmental decay is set to rise, and this poses serious threat to sustainable development because our economy and society largely depends on its ecology for food production, power generation and source of raw materials for industrial activities.

Presently, a decision maker in this country thinks we are in a state of “dismal” because education posed to be a scarce commodity not easily accessed by every citizen. Unpaid agreed fees by the government to the lecturers who craved for a change of tag from the usual “teachers reward is in heaven” to a breath taking motto i would like to know creates the greatest idleness of the century to we the giants in black skins. However, it is a fight for the feeble citizens who don’t even know the signs when giants are going cripple. Hmm… the past surely took a different direction from this current regrettably lugubrious state.
Focus on proper child upbringing through high quality education surely is a lasting solution to the child molestation through hawking, which seems to be a surviving step for the impecunious parents who need food on their table and couldn’t afford a tangible job.
Sometimes the heart sees what is invisible to the eyes. The affection of our founding fathers made it a possible chemistry to the reaction of differently oriented people, coming together to form a covalent nation. Nowadays, such love is seen as a mistake which was never supposed to exist.
Politics gamble of the peaceful co-existence of the people through religious campaign, resulted in cronyism, tribalism, and nepotism. In a country that never lacked good policies, legislations and institutional frameworks good implementation has always been the core of the matter. The failure of existing laws and institutions to make significant impacts in protecting and preserving the environment may have been due to poor legal frameworks, poor funding and lack of adequate manpower.
The song of the children of this nation has to change. The tomorrow they have waited for, looks like a mission of impossible, when they were never considered for the positions they craved for. High population of the decision makers have been in the system for such a long time that we now think it is a family rights to those who lack the fear of doomsday. A future that would glow of happiness, peacefulness, terror reduction would surely relief itself of the high unemployment, illiteracy, embezzlements through entrepreneurship initiations, educational upliftment, youth empowerment, corruption reduction and increasing the environmental carrying capacity which is necessary for enhancing the livability of urban areas.
In a country where the young minds inherited liberty to defend their honor, to defend their people and the cradle of their freedom, social equity despite odds or price, should be an answered call, when the clarion calls.

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SUSTAINABILITY


Sustainability is the capacity to endure through renewal maintenance, and nourishment in contrast to durability, the capacity to endure through unchanging resistance to change.
Sustainability is a major obstacle, which cannot be achieved as poverty in my locality is beyond imagination.it has been widely acknowledged that poverty is one source of environmental degradation. According to reports, “poverty is a major cause and effect of global environmental problems. It is therefore futile to attempt to deal with environmental problems, without a boarder
perspective that encompasses the factor underlying world poverty and international inequality”. Individual living in poverty tends to rely heavily on their local ecosystem as a source for basic needs.
Poverty is the oldest and the most resistant virus that brings about devastating diseases in Nigeria, which kills more than any other killer diseases. However, poverty is one of the most retarding and devastating factors in human life and it the root of underdevelopment and insecurity Nigeria and Africa as a whole. Poverty has being a source of encouragement to a massive emigration of Nigerians to Europe, and other foreign countries, to seek for greener
pastures. They use all unconventional means to make sure they leave their homeland for good to a land where they are subjected to different forms of modern slavery. Yet the mass evacuation continues despite all attempts to eradicate such act. This only helps to reduce the economic manpower of the continent, which ought to be nurtured. Shareholders, who have tried to salvage the poor from their plight through financial assistance, have often missed the target. Assistance does not reach the real targeted people, as they are
diverted by some government administrator and so called contractors into their private use at the expense of the poor. Hence, donors could eradicate such corrupt practices by giving assistance and resources to local governments and organization at the grassroots level.
In a society where poverty has hindered the thinking of the people, as feeding of any sort of food to provide strength is not available. They die of abject poverty, and are left with no hope or with a flash of miracle that things would get better, since the population increases on per second basis.
Population in Africa is one of the greatest ethical challenges that left a high range of African countries with a threatening illiteracy rate. Illiteracy has remained a terrible ulcer on the leg of development in Africa. It is one of the forces turning the wheel of sustainable development in Africa anticlockwise. If poverty prevails in African societies, then the dream of sustainable
development will still be far-fetched.
Literacy is fundamental to helping societies acquire the skill to lift them out of poverty and work towards sustainable development. Low level of literacy and education in general can severely impede the economic development of a country. The highest illiteracy rates are found in less developed nations of Africa, Asia, and South America where women’s illiteracy exceeded
50%. Literacy is an extremely important goal for the realization of a sustainable development, helping to boost health, and wealth rates, promotes gender equity and reduces child mortality.
The fight for survival, through an illiterate bearing has promoted the movement of people from Nigeria, leads to urbanization. There are adverse effects of urbanization, which increasing competition for facilities due to the high standard of living in urban areas, which has triggered several negative effects. Many people including farmers who moved to cities in search for a
better life end up as casual laborers as they lack adequate education. Illiterates who migrated to develop cities are faced with unemployment, as they would need a qualification to be employed. Hence, such people are often involved in crimes.
couple of lessons have been learnt, in the northern part of nigeria where i grew up. family planning as got no space in their vocabulary, therefore, providing population whose effect is far beyond control. young northerns that cannot cope with the hardship in slums, travelled to lagos city to source a fair living, therefore over-crowding the city and employment for the illiterate is just labourers . most of them found it difficult to live there, as language barrier is a major problem of communicating.
Consequently, rural areas being deserted by these people are faced with a low manpower, and the urban areas are faced with environmental such as air pollution, and destruction of forest areas to provide an urban settlement. However, it is impossible to restrict urbanization, since it can ensure the right path of development.
This graph indicates the total increases in population of urban vs. rural areas.
BALANCING THE RESPONSIBILITIES:
The most disturbing form of conflict between the sphere of poverty, illiteracy, and its effect on migration is linked to environmental degradation, economic development, population growth and
violent conflict. There is need to widen the range of livelihood choice available to poor men and women, taking into consideration, gendered differences in rights over land and resources. This implies a need for non-environment focused interventions such as market-based initiatives to
enhance environmentally sustainable development. Other poverty reduction focused measures are also prerequisites for environmentally sustainable development.
Despite the high illiteracy rate in Africa, it would be agreed that it could be blamed on over-population and poor governance. Population in any corner of the world affects the sustainable living of the inhabitants, balancing consumption, and technology. Thus, a balance population rate implies comfortable standard of living, free from hunger and insecurity which
enables fulfillment without increasing physical consumption. Only non-physical things like intelligence, education, health can increase indefinitely. Halting population growth is a vital part of living sustainably, by educating people at the local level through availability of contraception
or limiting birth rates through legal regulations, educating people about family planning, would played a major role in the agenda of keeping mortality rate under a good standard, as it is one of the best ways of addressing the environmental and resource challenges faced by the world. High
birth rates are commonly in least-urbanized continents, Asia, Africa. Over population are seen as breeding grounds for social problems such as crime, unemployment and poverty.
Furthermore, overpopulation poises inadequate fresh water for drinking as well as sewage treatment and affluent discharge. Some countries like Saudi Arabia use energy expensive desalination to solve the problem of water shortages. Hence, depletion of natural resources, especially fossil fuels, increased level of pollution, deforestation and loss of ecosystem.

In conclusion, mainstreaming sustainable development promotes a convergence of agenda at global, national, and local levels, so it must be addressed as a cross-sectional goal. However, cultural diversity
helps communities adapt to locally available resources. Illiteracy, over-population and poverty needs to be eradicated in order to achieve sustainable economy and avert disaster facing the planet.

REFERENCES:
I. Environmentally Sustainable Development and Poverty: A Gender Analysis by
Rachel Masika and Susan Joekes October 1997
II. World Resources Institute, 1994, ‘Women and sustainable development’, in World
Resources: a Guide to the Global Environment People and the Environment.
III. Yunus, Muhammad (1987): Credit for Self-Employment: A Fundamental Human
Right. May, 1987, Grameen Bank.
AHMED HUSSAIN
Twitter/facebook: hussyainy………………Wordpress: hussyainy.wordpress.com

CORPORATE GOVERNANCE AND NIGERIAN CAPITAL MARKET DEVELOPMENT


Corporate governance which is the controlling and directing of companies in a systematic form,to regulate market mechanisms, and the relationship between a company’s management,shareholders, and other stakeholders thereby alleviating interest conflict. This frame work of rules and practices by which board of directors ensures accountability, fairness, and transparency in a company’s relationship with all its stakeholders, is about good decisions being made by the right members.
Corporate governance structure needs authoritative members who delegates authority, to guide employees to recognize decisions that would be favorable. However, developing clear policies and procedure are essential for creating planned business outcomes. These are particularly helpful in communicating clear steps to achieve the organizational goal. Policies with concise and easily understandable plans to the organizational objectives as well as the management risk plan are of great advantage, thus there is a need for constant revisit to the policies to ensure they are up to date, particularly when there is dynamism in the business environment.
Basically, the level of confidence in a business depends on the corporate governance. The presence of an active group of independent directors on board, contributes a great deal towards ensuring confidence in the market. Hence, foreign institutional investors are increasingly depending on the healthy nature of the corporate governance as it has a positive influence on the share price of a company. Long-term performances of a company are of the high quality of
corporate governance as it would provide an attractive market to new investors.
Transparency and accountability are elements which promotes good corporate governance.
Provision of good quality information to all stakeholders after every change in the market, with a plausible decisions making process where shareholders are given proper consideration to information provided, and making considered judgments. Transparent financial reporting reduces unevenness within the business firm, which facilitates management monitoring, therefore, the timely and informative disclosure reduces the likelihood of withholding relevant information, as a result, are charged a lower risk premium by creditors. Hence, the reliability of financial information is due, in part, the quality and integrity of the audit process.
Organizational recognitions of legal, social and market driven obligations to non-shareholders, including employees, creditors, customers and policy makers are guidance to corporate governance. Hence the board needs sufficient relevant skills and understanding to review, and challenge management performance. Thus corporate officers and board members should meet the fundamental requirement, so as to promote ethical and responsible decision making. Business firms with a greater proportion of outside directors on board provide better monitoring of
management actions. Board comprised of members who are more competent will do a better job of monitoring the activities of management and makes better decisions leading to less default risk, as great attentiveness which would be perceived by the board members as their legal responsibility. Better firm performance should benefit all stakeholders, leading to higher credit ratings. However, good board structure and process ensures long-term success of the company.
Firm with weak corporate governance have a lower probability of receiving an investment-grade credit rating and as a consequence sustain significantly high debt costs and causes corporate fraud. However, the cost of weak governance is suffered by all stakeholders. Hence, weaker corporate governance structures exhibit greater overcompensation of CEOs and face greater agency problems.
Conservatism is potentially useful in corporate governance, as it reduces the likelihood of over-compensation of management by constraining possible overstatements of assets and earnings, thus, enlightening directors on negative projects and takes corrective actions to limit losses.
Nigerian capital market which started operation a year after her independence met the high level of competitiveness, as the market evolved. Transparent market practice at the early stage of the capital market brings together, the best African enterprises and global investor communities.
Nigerian capital market is regulated by the ‘securities and exchange commission’, which has mandate and surveillance over the exchange to forestall breaches of the market rules and to detect unfair manipulations. However, foreign investors are encouraged into Nigerian capital market, after the abolishment of legislation preventing the flow of foreign brokers on enlists as dealers on the Nigerian stock exchange. Hence, multiple and cross-border listing on foreign markets are allowed.
Despite the early operation of capital market in Nigeria, corporate governance which ensures well-run institutions, that earn the confidence of investors and lenders, the process which ensures safeguard against corruption and mismanagement, while promoting fundamental value of a market economy in a democratic society is currently a new concept.
Africa as a whole are faced with challenges ranging from weak civil and judicial system, undeveloped monitoring institution, limited human resources capabilities, interlocking relationships with government and the financial sector. Identification of these challenges is important, given the recent outburst of high profile scandals and financial crises at a number of corporations in developed economy. However, there is a need for effective and sound regulatory framework for various aspect of corporate governance especially in Nigeria.
The informal natures of most businesses, and high level of government ownership of enterprise in Nigeria, pose challenges to the practice of corporate governance. Thus, a more prevalent constraint arises from restricted competition in the market for goods and services. Impediments to competition are diverse, ranging from anti-competitive practices by firms to policy restriction on ownership and entry.
Nigerian capital market challenges are threatening, as majority of listed companies are subsidiaries of foreign multinationals, and a minority of shares with local float for public investors are unable to use voting power to enforce corporate governance. Therefore, no effective control because of insufficient liquidity.
Prevalence of corrupt practices is particularly problematic for the development of small enterprise, whose existence may depend on winning a single contract. By diverting investment into unproductive dead-ends and blocking business growth. Corruption and bribery makes it more difficult to protect the right and interest of stakeholders in the capital market. However, an effective program to combat corruption and bribery is also capable of protecting stakeholder’s
value in an important requirement for the development of corporate governance in Nigeria’s capital market.
The pervasive influence of corporate governance principle is largely attributable to the diverse consequence of non-compliance with provisions of corporate governance codes. Hence, there is inadequacy in the implementation strategy of corporate governance In Nigeria.
Privatization is expected to improve managerial incentives and raise corporate efficiency. However, inherent conflicts associated with corporate governance are mostly found to occur in post privatization, due to the lack of independence and sizeable cronyism in the sale of enterprises.
The Nigerian capital market needs a more diverse mix of members, which will enable it to address challenges of an uncertain and dynamic business environment, because, dissimilarities in the ethnic and gender background of directors would contribute different sociological perceptions and understandings to the decision-making process. Ethnic and gender diversity also enhances the board’s flexibility in its decision making process, due to a wider set of perceptions and views. However, this would enable the capital market to facilitate strategic change. Consequently, the capital market will be able to respond more rapidly to changes in the dynamic and uncertain business environment.
Installations of a committed board of directors which will exercise its oversight functions with a high degree of independence from management and shareholders within the capital market, and a Lesser number of non-executive directors compare to the executive directors as well as division of responsibilities would balance the power and authority so that no individual or coalition of individuals have unfettered power of decision making.
Good corporate governance is an important step towards building market confidence and encouraging stable, long-term international investment flows into the country. Since the business corporation is becoming an increasingly important engine of wealth creation not only in our economy, but also worldwide.
The problem of non-transparency needs to be addressed. Non-transparency will be a growing problem as natural resource operations become increasingly located in less developed countries, where civil society and government transparency are proportionately weaker. Depoliticizing the issue of payment disclosure in authoritarian regime, and allowing companies greater freedom of responsible behavior, by publishing what is paid to such regime is likely to have a knock-on
effect of encouraging greater transparency and a profitable governance . Hence, political interference in enterprise decision-making is widely spread in Nigeria, which is detrimental to corporate governance development.
AHMED HUSSAIN.
REFERENCES:
I. Securities & Exchange Commission (2003) http://www.sec.gov.ng.com/governance.htm
II. Charles C. O and Oludele A. A review of corporate governance in Africa (2003)
III. Cox, T.H. and Blake, S. (1991) “Managing cultural diversity: Implications for
organizational competitiveness”, Academy of Management Executive, 5, pp. 45-56.
IV. Mensah, S (2001) Corporate Governance: The role of financial markets. Paper presented
at the Pan African Consultative Forum on Corporate Governance, Johannesburg, South
Africa. 16-18 July
V. Sanusi, J.O (2002) Enhancing good corporate governance: a strategy for financial sector
soundness. Keynote address presented at the Dinner Nite of the Chartered Institute of
Bankers of Nigeria, November

ZAKAT , SADAQAT AND INCOME TAX; ISLAMIC PERSPECTIVES


Zakat is the third pillar of Islam. It is sometimes translated as alms or poor-due. This pillar is an Islamic believes of money, or property purifications, growth, and blessing. Zakat is the most fundamental and vital system in an Islamic order. Its nature and function can be better visualized in the total perspective of Islamic system of life. Hence, it becomes imperative to interpret the basic theories of Islam and to highlight zakat as basic institution of social order. Zakat is an
important system of Islamic ideology which plays an active role in spiritual and social life of Muslim societies. Thus, the payment of zakat is an important source of the stability in a society.
zakat is of two types, obligatory and recommended. obligatory zakat is again of two types. the zakat of wealth and the zakat of body (fitra). the zakat of wealth is for nine items: four food grains (wheat,barley, dates, and dried grapes); three quadrupeds,( sheep or goats, cows and camels) and two types of coins, (gold and silver). the zakat of food grains becomes obligatory when wheat,dates or resins reaches approximately 847 kilograms. hence, zakat is also payable on
one-tenth of cultivated farm produce. zakat is recommended on money collected by person to use in business, mare,hidden or buried treasures, income from lease hold property like house, shop or orchard.
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Zakat is obligatory on all Muslim men and women who are sahib-e-nisab i.e. possesses the amount one’s net worth must exceed for the Muslim owner to be obligated to give alms each year prescribed from capital or savings like farm produce, cattle, business, currencies and precious metals such as gold and silver. Zakat is the third pillar of Islam. The Quran talks about zakat in more than thirty different verses, mainly in the medina suras. Zakat is a way to
redistribute wealth by Muslims as it was a believer of Islamic purification, growth, and blessing. And my mercy embraces all things; therefore, I shall ordain it for those (in particular) who fear Allah and pay Zakaat, and those who believe our revelations. (Al-Araaf: 156)
The Quran has mentioned in detail, the people who are eligible to receive zakat: The sadaaqah are only for the poor, the needy, those who collect them, those whose heart are to be reconciled,
to free the captives and the debtors for the cause of Allah, and for the travellers, a duty imposed by Allah, Allah is full of knowledge and wisdom. However, the aforementioned are people eligible for zakat, which was called sadaaqah.
Sadaaqah in Islam is a voluntary act of giving out wealth to the poor and needy which is also a way of property purification, but can be given out at any period of the year. Sadaaqah must not be of a certain quantity before it is being given out. However, no sadaaqah is valid without freedom from want. It was said by Allah in the hoy Quran, (al-baqarah: 219), “people ask of what they should spend as sadaaqah, tell them what they can spare. Thus, from the holy book, sadaaqah should be given out in excess of your requirements.
Prophet Muhammad (S.A.W) has given guidance as to how zakat and sadaaqah should be given, and its importance. One of the Hadith was narrated by Dhimam Ibn Tha’labah may the blessing of Allah be with him is quite famous, and has been mentioned in different channels in Bukhari, Muslim and many other authentic collections of Ahadith. It relates that Dhimam asked
Rasulullah Sallallaho alaihe wasallam about the fundamental obligatory requirements of Islam, which he later explained to him in detail. Among these, Rasulullah Sallallaho alaihe wasallam mentioned Zakat, whereupon Dhimam asked, “Is there anything else due from me, apart from Zakat?” Rasulullah Sallallaho Alaihe wasallam replied, “No, but you can spend more as Nafl Sad
aqah if you like.
In another Hadith, the saying of Rasulullah Sallallaho alaihe wasallam has Been repeated that some people give all their belongings as Sadaqah and then sit back expecting other people’s generosity; the best Sadaqah is when the feeling of want does not arise afterwards Rasulullah Sallallaho alaihe wasallam said, “If I possessed gold to the extent of mount Uhud, I would not like to keep any of it with me for more than three days, except what I put aside for paying a debt”
Therefore, it can be deduced from the above hadith, that zakat is not mandatory on debtors and
sadaaqah should not be forced on you if what you have is not more than enough. Hence, payment of debt is more important than sadaaqah”.
There are few differences between zakat and sadaaqah; Zakat and sadaaqah are forms of charity by Muslims, though with differences.
i. Zakat means growth, purification, and blessing in Arabic, and sadaaqah means a sign of sincerity of faith.
ii. Zakat is obligatory, whereas sadaaqah is voluntary
iii. Zakat is not given to rich people; on the contrary, sadaaqah can be given out irrespective of financial backgrounds.
iv. If a person owes zakat, his heir would pay it, from his wealth, and no such obligation with regards to sadaaqah. However, zakat are given to eligible people, as mentioned in the holy Quran. Hence, it is obligatory to give out zakat annually from businesses, gold, currencies, livestock, and other valuables. Whereas sadaaqah can be given out at any period, without necessarily been a yearly activity.
Despite these differences, the aim of zakat and sadaaqah is to ease poverty and itsimplication in Muslim world.

There are several importance of zakat and sadaaqah which include;
1. Wealth circulation and poverty alleviation:
Zakat keeps wealth in circulation, thus it benefits the whole society. The holy prophet
(S.A.W) advised his companion Mua’az bin jabal, while he was proceeding to Yemen to teach
them that Allah has made it obligatory for them to pay zakat from their property and it is to be taken from the wealthy among them and given to the poor. Thus, zakat helps a lot, in decreasing poverty. If proper zakat system is established, poverty will vanish away from Africa, where there
exist discouraging populations of poor people, especially in the northern part of Nigeria where Muslims are dominants. Hence, poverty rate is supposed to be at the minimal all over the country, if zakat and sadaaqah are given as being ordained by Allah.
2. Self-purification:
Zakat purifies heart from selfishness for those who give out zakat, and the heart of those who receives,from the feelings of detestation against the wealthy people. Thus, it creates affection and eradicates egocentricity amongst Muslims and neighbors whose are to be reconciled.
3. Discouraging beggary: If zakat are being given from among the affluent, the poor wontsource an only solution to survival as beggary. Nowadays, the rampancy of begging in
the northern part of Nigeria, as compared to other part of the country is gloomy. Thus, Islam on one hand ordered the rich to care about the poor and on the other hand, prohibited the poor and the needy from stretching hands before others. Narrated by Abu Huraira (R.A); the holy prophet said;
“Whoever begs from people so as to accumulate more riches, he is asking for a live coal from hell, so let him ask for a lot or little”.
4. Illiteracy stamp-out: – poor families whose feeding is not guaranteed have less thought of educating their children, as there are no total free educations in Nigeria. However, leads to high crime in less literate environment. If zakat is properly given, it functions as a social security, and alleviates high illiteracy in Nigeria, and Africa at large.
An income tax is a tax levied on the income of individual or business (corporations or other legal entities). Income tax is chargeable on all income arising in the state to individuals, partnerships, and unincorporated bodies, with the most common form of income tax being pay as you earn.
Income tax systems often have deductions available, that lessen the total tax liability by
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reducing total taxable income. They may allow losses from one type of income to be counted against another. For example, a loss on the stock market may be deducted against taxes paid on wages. However, there is an economic effect of an income tax system, as it discourage saving and investing.
Differences between zakat and income tax;
Some of the differences between zakat and income tax are as follows;
a) Zakat is a means of salvation, for the person who pays it, and also has religious sanctity which tax is not.
b) Tax is collected from all citizens of a country, which the government uses for overall development of the country, thus zakat is only imposed on Muslims.
c) Zakat is a permanent system, which is calculated at 2.5 percent of the annual income of a person or a family. Hence, governments have certain rules and regulations for fixing taxes which can change from time to time.
d) Zakat is given, out of the surplus wealth or earnings with certain conditions as to who receives it. Whereas, tax does not consider the excess nature of the tax payer.
e) Tax payers expect to avail some specific facilities from government against the payment, hence, zakat payers does not expect to get any type of specific facility or material gain.
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From the aforementioned, it can be deduced that, the differences between zakat and income tax are of greater diversity, as zakat creates universal feelings of brotherhood among Muslims, while income tax create native feelings of distinction.
In conclusion,zakat creates a collective social security scheme of mutual sympathy, and the resources can be further utilized for social development, and also inculcates the spirit of goodwill, cooperation, and brotherhood in upholding social solidarity in the society. Hence, sadaaqah plays an important role in life of Muslims to reduce mendicants. Since portion of income tax that is spent on project for the poor is not pronounced,income taxes cannot be considered as part of zakat.

REFRENCES;
1) AL-QURAN 9:103
2) AL-QURAN 22:41
3) WWW.ISLAMICBULLETTIN.ORG/FAZAIL-E-SADAQAAT
4) WWW.REALISLAM.COM/ZAKAT IN DETAIL
5) WILKIPEDIA/ INCOME TAX
6) www. islamic-law.com/zakat.htm
7) peter harris (2006). income tax in common law:from the origins to 1820, volume
1.p.34.

AS CUSTOM DEMANDS


Hussyainy's Blog

Recently in the world of humans, customs are replica and twin defination of traditions. Philosophical studies have explained major factors that contributed tremendously to the effective regime of traditions. Based on my idea on customs, i think “it is a due process for effective earthly relationship.” Religion has contributed immensly towards a gallant guide on human descency and evil malfunctions. According to maxism, max said: “religion is a sigh of the oppresed creature,feeling of a heartless world and the soul of soulless circumstances”. Religion i believe a backbone of custom, and lights to dark souls . Race of the world heed to religion for effective custom and traditions therefore, for peace to reign the world, custom and tradition has a great inpact than a bloody revolution with a negelet to religion. Constitution in any part of the world is nothing but an ammendment to the demands of customs. My custom…

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CHEAPEST COMMODITIES


Despite the economic meltdown in this motherless nation, where free education seems to be more scarce and costly as though the word ‘free’ has being changed. The leaders of the motherless nation keep urging its citizens to continue praying for her nation, but an indigene of this entity whose affair was not considered in policy making and constitutional amendments does not feel prayer is the solution and does not even feel the melting of the economy because they were already melted in poverty, long before the economy and its government could ever imagined.
Development of a nation depends on the fair treatment of her citizens by her government even if the leaders are in love with money more than the affection of her people.
‘Health is wealth’ they say; medical hospitals are all over this motherless nation, although the medics are unavailable and the doctors, nurses and mid-wives are not paid appropriately. In this motherless nation, the easiest way to riches, is not hard working, or rather hard work with numbers that involve ones and zeros in political seats.Water as the source of life is one of the most abundant resources of the world, but it’s more costly in its pipe borne mode in this motherless nation. Life whose characteristics distinguishes objects from living organisms, life whose vitality gives hope to the hopeless, life whose importance shallow the influence money, luxuries, material and immaterial things, such life which every minds hope, future, fate and faith depends on, is forcefully sacrificed by its citizens at the cheapest rate with no intervention of her government to standardize these black lives to other race of the planet, and bringing bad leaders to justice. Yet the cheapest rate incentives were not even paid to its citizens and their rightful rights were shaded from them, hence, the rate at which their lives were unwillingly sacrificed was free.
“painful for an unknown dream”, lives of citizens whose democratic rights seems fading, the most important click of being human melted and deprived, such citizens have an unknown dream.
Farther, as sun-set and rises in this motherless nation, girls who grew to be women were never proud of the kids they used to be. Feminine rights looks unnecessary, after all the grownup girls in this motherless nation are called ‘BABES’, not because they are innocent but because
they think hawking themselves makes them ‘BIG GIRLS’. CHICKS they call themselves, they are supposedly the mothers of the future leaders, but who cares about what its citizens suffers. The Leaders egoistic campaign is to be elected so as to implement their talents of nepotism,tribalism and sectionalism.
Courage to express true feelings about negative agendas makes a leader a lover of her nation. Lack of such courage is the property of modern leaders whose ambition to serve their fatherland is to live comfortable and being paid for living, after they made others scarify their lives for free. Such leaders feel the best education for citizens is just a local method of learning by urging the citizens to go to farm while their so called Nobel sons and daughters never
experienced hardship even if it means buying the books they will use to learn. The brewed spoilt brat then rotates to be our next leaders just like a computerized ecosystem.
‘Education, they say is the key to life’. Citizens in this motherless nation were not giving proper education. How could they succeed? The learning structures are mounted everywhere so as for the leaders to count negative achievements during their tenure. In this motherless nation, the leaders says it operate standard schooling while their children study abroad, nevertheless, maybe it’s because the standard of education in this nation seems too standard or they wish for their children to be trained by expertise whose specialization is currency manipulation.
“Nobody can go back and starts a new beginning but anyone can start today and make a good ending”.
This is a cry from within, calling on good and ideal democratic leadership into the lives of orphans in our beloved nation. These commodities have to be efficiently supervised and the value of lives, girl’s upbringing and women welfare, education and health should be effectively monitored. Hence, the future of every citizen in this motherless nation lies in everyone’s hands, since the transferability of life is not possible, let’s join minds and change our definition of impossible.

Aside

Things i did, that i would not advice a friend.

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Several event befell me as a young man with hope of being a superheroe someday, that i would not advice a friend. Skipping classes when my father was the first to pay, in the whole of ma skul was not a good idea especialy for a young me, who need a solid foundation. I became bored at other session of my secondary school, though play with friends was much fun than being in class, That has been my thought. Gambling was a regular occurance to catch fun, with girls coming to sell chilled drinks and snacks. It was a day, that i would never want to remember, when i got to know those gìrls were not only harwking drinks but also their body for the cheapest price that even a prostitute would rebuke. Those experience were nothing i would like to remember. Hence, they were due to skipping classes.

“Alaga ogun”

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Alaga ogun is a family copound in the middle belt, a northern province of Nigeria. The name given, literailly means ‘medicinal chairman’ derrive from its prominence in medicinal herb, dated to the early 80s. Alaga ogun compound is situated at gbabi abidun street off opo-malu road, ilorin south. Alaga ogun is an extended family compound with about 100 university graduates and few poly and college graduates. Proud sons and daughters of the compound have contributed immensely in the development of their beloveth state ilorin. The fathers of alaga are great people, with a reputable profile of being an arabic scholars who taught neigbouring towns and villages islam which is dated as far back as it could be remembered. One of the founding fathers is ‘AS-SHEIK AHMAD TIJJANI ALIYU’. Sheik ahmad tijjani is an arabic scholar who has influence far beyond Nigeria. He was a founder of mahdu tsakofat in Ghana, before he later came back to Nigeria with more of his Godly preaching with youth and adult islamic teaching in kaduna state. This great man died in the course of good work in kaduna, during the ‘zango kataf’ crises in 1992. He is an icon among others. The marvelous people of alaga, are socialists with a firm social efforts and a good mind which gained them a seat to further their humantarian contribution to kwara state and Nigeria as a whole. Shayk abdulrahman ahmad, khalifa yunus ahmad (karamatul Aoliyah), Dr. Ali ahmad are some of the proud faces of alaga ogun. Hon. Ali ahmad is the people’s democratic party(P.D.P) candidate representing ilorin south-east in the nation assembly. Ambitious, caring, religious, social, are properties of the alagas’.

“Again”

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Its another diasterous moment in my country. Nigeria is hot from this northern province where deeds deserved to be peacefuly sorted out is getting out of hand. Bombing of religious places, does not make people think of u as being corrective. Am sad to be in a place where peace is pieces and inhabitants are all restless like a ‘he goat’ under a heat period. 24hrs curfew has reduce the damage, but can not correct the damaging. May the souls of the casualties rest in peace. Amen

illiteracy and modernization.

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ghetto and cities are named due to the level of exposure to education, which makes a crowded non-educated area feels the best they could make out of life is gangsterism, so as obtain a wild freedom, by resistricting the free will of others. In this today life ‘hood’ as it is being called craved its illegalities from the large amount of illiteracy compared to the cities where people come together to explore great nature by making life out of lifelessness . Modernization has helped fight crime and evilness of hard drugs as it damage the good spirit in youth. However, youth are the leaders of tommoro. What is the negative effect of illiteracy in your locality?. No mater how small, raid against it , because it might affect someone you love. Spread the news…….