By Masudul Alam Choudhury
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Extra resources for Contributions to Islamic Economic Theory: A Study in Social Economics
Turning now to the income statement for the firm in the Islamic economy, we notice that debt-financing item will be replaced by mudarabah-type financing. Net income shown in the income statement would equal net operating income less dividends on mudarabah shares. Therefore, net income is the same as the retained earnings for the firm in an Islamic economy. After this accounting step zakah is levied on the retained earnings. Other taxes may also be levied at this pdint. This system of post-retained earnings taxation in the Islamic economy as opposed to pre-retained earnings taxation in a conventional economy is found to yield a higher increase in dividends.
N. Now by introducing the Lagrangian L and the Lagrange Multiplier, A, the optimisation problem takes the form min L = min [C(q, X, X2, ... ,XII)+A(pq - it1 rixi )] The first-order conditions of minimisation are oL OC oq = oq + AP = 0 (1) oL oe (2) - = - - ) . r · =0 OXi OXi I i = 1,2, ... , n oL - 0). e. e. dq ri =p·dXi . Since Xl, X2, ... , Xn are independent variables, therefore dq - dXi aq = - , i = 1, 2, ... e. L n riXi =p. ~, q OXi '1i, where '1i denotes the input elasticities, with Therefore p=ATC n L '1i = 1.
Less: service charge and debt payments 120000 38707 5. Equals: pre-dividend income 6. Less: mudarabah dividend payments (40 per cent payout ratio) 81293 32517 7. Equals: pre-zakah income 8. 5 per cent of pre-zakah income) 48776 1219 9. Equals: retained earnings 47557 The income statement for the firm X situated economy is the following: In a conventional INCOME STATEMENT II COMPANY X 1 July-31 December 1983 1. Revenue from sales $ $ 400000 2. Less: administrative expenses = 30000 30000 depreciation charges 70000 direct labour cost factory overhead cost 35000 materials purchased = 115000 Total operating cost = 280000 3.