Since the 1980s, Zakat is deducted from bank accounts on the first day of Ramazan every year. The minimum amount declared this year for such deductions was Rs135,179. The deductions are made from profit-and-loss sharing (PLS) savings accounts that also receive interest from the banks which is calculated on the basis of their deposits. If an account balance was, say, Rs130,000 the additional interest payment took the balance beyond the Rs135,179 limit that was set for zakat deduction. This is an anomaly that the system and its managers need to sort out rather urgently.
TAHA SOOMRO
KARACHI
