Islam

Banks To Deduct Zakat On 1st Ramadan

Likewise every year this year as well all the banks of Pakistan has decided to withhold Zakat from the bank accounts of the people. This process will be taking place from 1st Ramadan. As the news of Zakat deduction has been announced many people have started retreating their money from their accounts but still many of the account holders have to face the reduction conditions if in case they have their amount secured in their accounts.

It has been stated that the people who have accounted Rs.61,336 in their accounts they will have to get the decrease of 2.5 percent from their bank financial records. In 1980 President of Pakistan Zia ul Haq put forward the basic concept of Zakat and Ushr during his ruling period but now in 2013 people do not feel much satisfied because they are unsure that whether their money will be used for Zakat purposes or not.

Zakat Collected Year 2010-2011

In 2010-2011 the Government of Pakistan collected Rs.3.915 billion in a form of Zakat that was initially used for the services of Bait ul Mall. However, according to the rules of Islam customs those people who have more than Rs.61.339 in their account they are required to pay Zakat whereas it is vital for the person to pay Zakat for maximum one year who have 52 grams of gold with him/her.

Zakat Collected Year 2011-2012

On the whole those people would also be involved in the Zakat deductions who have accounted their money in their accounts whether one day before the Ramadan or whether after the Ramadan as well.

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