Islamabad: The Federal Ministry of Poverty Alleviation and
Social Protection has issued the Zakat deduction rate for the current year.
The Ministry of Poverty Alleviation and Social Protection
has sent a letter to the banks, according to which Zakat will be deducted if
there is at least Rs 503,529 in the bank accounts this year.
The issued announcement stated that the accounts of account
holders who have not submitted the declaration of self-deposit of Zakat to the
bank will be deducted at the prescribed rate.
It has been further stated that all banks will ensure the
process of Zakat deduction instead of public dealing on the first of Ramadan.
According to the authorities, Zakat deduction will be
applicable to savings, profit and loss sharing and other applicable accounts,
while accounts with Sharia and legal exemptions will be exempted from it.
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