KARACHI: The government has set Rs29,350 as a lower limit on bank balance for deduction of Zakat on the first day of the holy month of Ramazan.

According to banking sources, the Directorate for Zakat has made the above announcement. Zakat will be deductible at the rate of 2.5 percent on any PLS account having a balance not less than Rs29,350 on the first day of Ramazan.

However, Zakat will not be deducted from PLS accounts whose holders have submitted Zakat declaration form to their banks before Sha’ban.

http://www.geo.tv/8-6-2010/69591.htm

 

2 Responses to Government to Automatically Deduct Zakat from Bank Accounts in Pakistan

  1. Which will mean a bank run the day before Ramadan unless the government has some trick up its sleeve.

    Pakistani Muslims would rather give their zakat directly to terrorists than let the Pakistani government do it for them through the ISI.

  2. shariahfinancewatch says:

    Interesting aspect of this I had not considered…

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