Zakat Deduction and Collection

According to Zakat and Usher Ordinance all banks of the country were to deduct Zakat from the Saving accounts on the _______?

• 2nd Ramzan
• 1st Ramzan
• None of these
• 3rd Ramzan

Overview

According to Zakat and Usher Ordinance, all banks are required to deduct Zakat from savings accounts on the 1st of Ramzan. This deduction is made from the balance in the account that exceeds a certain threshold (Nisab), and is meant to fulfill the religious obligation of Zakat. The system of compulsory Zakat deduction from bank accounts was introduced to simplify the process of Zakat collection, and to ensure that Muslims are able to fulfill their obligation to pay Zakat.
The concept of Zakat is an essential aspect of Islamic finance, promoting economic equality and social justice. By deducting Zakat from savings accounts, banks play a crucial role in facilitating the collection and distribution of Zakat, and in promoting a more equitable and just society.

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