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Sunday, 19 May 2013 1:57 am
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Banks to deduct Zakat on 1st Ramadan
LAHORE - The banks and financial institutions of the country will deduct Zakat on first of Ramadan. Customers have already started to withdraw money from banks and are finding means of avoiding deductions but still a large number of people would be facing Zakat deduction. Account holders having Rs61,336 would be facing a cut of 2.5 per cent from their accounts. Any person who has deposited money on a day before the first Ramadan would also face deduction.
The banks and financial institutions have collected Rs3.915 billion in head of Zakat in 2010-11. The amount is used by the Bait ul Maal for different development projects in the country. There are many flaws and discrepancy in the deduction of Zakat through banks, which makes it doubtful in the eyes of a large number of people. The Zakat and Ushr system was introduced through Zakat and Ushr Ordinance in 1980 as a part of the overall policy of then President of Pakistan Zia ul Haq for Islamizing the society.
An Organization called Central Zakat Administration (CZA) was established to implement Zakat System in Pakistan. However, critics of the system argue that many basic principles were ignored in deducting Zakat from the account holders. According to Zakat and Ushr ministry any accountholder having more than Rs61.336 would be liable for paying Zakat. According to basics of Zakat any person having 52 tolas of silver or 7.5 tolas of gold for one year has to pay Zakat. In these days, the price of gold is around Rs52,000 per tola while silver is Rs1,275 per tola thus the minimum amount for deducting Zakat should be Rs66,and not Rs61,336.
The banks will deduct zakat irrespective of the date of deposit of the amount. Any person who deposits money a day before will be liable to pay Zakat. A large number of customers give a certificate for not deducting Zakat. Moreover, often banks do not inform customers about the deduction of Zakat. It is pertinent to mention that according to the rules if an accountholder wants exemption from Zakat deduction then he/she should give a certificate at least one month before Ramazan.
“This rule is not known to the majority of customers and when they try to submit a certificate a week before the banks say no,” said an official of national saving adding that he knows many customers who have faced a similar situation. “The concerned authorities never advertise or publicise this rule as this way the amount of Zakat collected is greater,” he added. A widow, Jameela Akhter, at national saving scheme centre Model Town said that she came for depositing certificate for not deducting Zakat when she found out that she should have deposited the certificate at least one month before Ramzan.
“It is a great injustice,” she lamented. According to bank rules, any person having foreign currency account or current account is exempted from the deduction. The banking industry sources said that a large number of people adopt different procedures for avoiding Zakat. For instance, some customers opt for pay order and some go for cash deposit report, in both cases they save themselves from paying Zakat, said a banker adding some customers transfer their money to current accounts. Relgious scholar Mufti Muneeb ur Rehman said that it is up to the customers if they want to pay Zakat through the banks or not.
He said the government cannot use Zakat funds for the construction of roads and bridges.
11 Responses to Banks to deduct Zakat on 1st Ramadan
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We ( majority of People of Pakistan) CONDEMN deduction of ZAKAT by banks.
plz give me zakat plz contact me 08530304412
how much will be thw zakaat rate on 7.5 tola this ramadan ….kindly do tell us
Paying your zakat through bank is not appropriate. because we dont know where this money will spent.More over everybody knows how government spend zakat money.
So its better to withdraw your money and give zakat by your own hands.
with holding Tax and Income taxes are exempted to the organization let us know about the zakat please
Zakat should be paid by every individual, instead financial institution,
Zakat is payable on Sunnah Money only. Sunnah Money means Gold Dinnar or Silver Dirhan. Sunnah money does not loose its value as a result of Inflation. Moreover sunnah money is not a form of debt as paper money is. Paper money is actually a form of debt on which the government collects interest / usury / ribah / soud in the form of income tax to pay interest to IMF / world bank etc on dollars acquired as loan . Hence paper money itself is Haram in islam, because it is expoiltative and deprives you of your hard labour . If u save paper money for your old age when u are young , it will get so depreciated by the time at age of 60 yrs that u would not be able to buy anything with it ( and that too if hopefully there is no government changeover or civil war or another calamity causing paper money to loose all its value ). But if u save sunnah money of gold and silver, it will most likely increase in value or at least not loose its value in your old age. Thats why God choose sunnah money for Muslims to save us from the Jewish bankers and their usury but we traded it for jewish slavery. We choose to fight against God almighty by indulging in Usury / interest, love the convenience of paper money and credit cards and strengthen USA and Israel.
Watch Money as debt on youtube for more
If Malaysians can introduce Gold dinnars in Kelantan , why canot we in Pakistan and stop fighting against the God almighty. Chinese are preparing for dollar melt down (bound to happen one day as US debt to FRB increases to trillions) by encouraging gold buying .
It is not fair that zakat is deducted by banks, instead the individual himself should give it to the right persons/organizations. More, if the banks deduct it should do it through proper permission from the customers.
Its a matter of public interest – CJ should take immediately take suo-moto notice of this bhatta imposed by banks – Zakat is only be given by consent of the beholder otherwise its imposition..
Shame on Pakistanis people and Govt. One hand they deal with interest, get cars and loan on interest, banks deals with interest and other hand they talk about Zakat.
and then they call their self Muslims. Ribba is haram.
You are such a piece, there is too many people having a big pain in their ass because of us and you are also in one of them. Shame on your rubbish comments, you should analyze your self first Mr. Nevermind (or No mind) what you are. people who they are taking this thing are definitely not from us, must be from you. we proud to be Pakistani and we are true believers and Real Muslims.