Islamic Finance | MCQs

People having Rs80,933 balance in savings, profit and loss sharing or similar bank accounts on the first day of Ramazan will have 2.5% zakat deducted on their total balance.

Zakat Councils are responsible for collecting and distributing the Islamic taxes known as Zakat and Ushr in Pakistan.

The Councils are overseen by the Ministry of Religious Affairs.

Began in 1980 with an ordinance decreed by General Muhammad Zia-ul-Haq

wisk is equal to 40kg

zakat became obligatory on 2nd hijri

If you have 7.5 tola/3 ounces/87.48 grams of gold or

52.5 tota/21 ounces/612.36 grams of silver or

its cash equivalent for a full lunar year,

then you are considered Sahib-e-Nisab and should pay Zakat 2.5%