22Different Activities

Definition of the Sector This sector encompasses a wide range of activities that cater to the diverse cultural and recreational needs of the public, including the arts, creative activities, museum operations, and sports and leisure activities. This sector includes: ● Creative, arts, and entertainment activities. ● Activities of libraries, archives, museums, and other cultural activities. ● Sports, leisure, and entertainment activities. The Most Important Items in the Statement of Financial Position for Arts, Leisure and Entertainment Sector and Their Zakat Treatment Item Item Nature Zakat Treatment Judgment Non-current assets Advertising boards and equipment Representing fixed assets used for advertising purposes Deductible assets Deductible from the base as they are non- zakatable assets Printing machinery and equipment Representing fixed assets used for advertising purposes Deductible assets Deductible from the base as they are non- zakatable assets Intangible assets - Names of publications Representing intangible assets relating to proprietary names of publications Deductible assets Deductible from the base as they are non- zakatable assets Intangible assets - Visual content, websites and copyright project Representing intangible assets related to the visual content, websites and copyright project Deductible assets Deductible from the base as they are non- zakatable assets Books, stationery, video and other materials Representing fixed assets used in the arts, leisure and entertainment sector Deductible assets Deductible from the base as they are non- zakatable assets Raw materials and maintenance supplies for road signs (advertising) Raw materials and maintenance supplies for road signs (advertising) Deductible assets Deductible from the base as they are non- zakatable assets. Video games, smartphones, electronics and smart TVs Representing fixed assets used in the arts, leisure and entertainment sector Deductible assets Deductible from the base as they are non- zakatable assets Current liabilities Deferred revenues - current portion Representing rental income received for operating leases External sources of funds not utilized in financing deductible asset Not added to the Zakat base unless they mature after more than 354 days Non-current liabilities Deferred revenues - noncurrent portion Representing rental income received for operating leases External sources of funds not utilized in financing deductible asset Not added to the Zakat base unless they mature after more than 354 days Client collaterals Representing the recovered insurance External sources Added to the Zakat base to meet deductible assets