Savings and other similar accounts On 1st of Ramadan every year, Zakat is deducted at source on all categories of PLS saving and other similar accounts except those fulfilling the exemption criteria as per Zakat & Usher Ordinance 1980.
Term Deposits Receipts (TDRs) On 1st of Ramadan every year, Zakat will be calculated on all Term Deposits except those fulfilling the exemption criteria as per Zakat & Usher Ordinance 1980. Please note that all term deposits that are liable for zakat, there will be no actual deduction of zakat on 1st of Ramadan from principal amount of term deposits. The amount will be calculated against each eligible term deposit and Zakat will be deducted upon maturity or premature encashment. Sahib-e-Nisab Means a person who owns or possess assets not less than “Nisab” as announced by the Administrator General Zakat each year before the start of Ramadan Rate of Zakat 2.50% Valuation Date 1st of Ramada.
2 Zakat Exemptions Following categories are exempted from zakat as per Zakat & Usher Ordinance 1980: 1. A person who is not a “Sahib-e-Nisab”; 2. Current accounts; 3. All Non-Muslims & All Foreign Nationals; 4. Customers who died on or before 1st of Ramzan; 5. Federal Government, Provincial Government or a Local Authority; 6. Any organization which is owned wholly, directly or indirectly, by the Federal or Provincial Government or a Local Authority; 7. Subsidiary of any organization which is owned wholly, directly or indirectly, by the Federal or Provincial Government or a Local Authority; 8. A company where majority shares are owned by foreign entity; 9. National Investment (Unit) Trust/ Investment Corporation of Pakistan & its Mutual Fund; 10. Recognized Provident Fund; 11. Any Unit Fund maintained by Defense Services including Civil Armed Forces; 12. Zakat Fund; 13. All registered charitable organizations; 14. Deeni madrassah registered by Zakat Department; 15. Mosque; 16. Registered orphanage; 17. Workers Participation Fund; 18. Customers who have submitted the certificate/affidavit of Zakat Exemption (CZ-50) before 1st Shabban in their respective Branches; and 19. Customers who have opened accounts in the month of Shabban and have submitted the certificate / affidavit of Zakat Exemption (CZ-50) before 1st Ramzan in their respective branches.
Zakat Marking Process:
Process Flow for Zakat Marking Customer: Shall provide duly filled CZ-50 (Zakat Exemption Certificate) to the designated officer. IN case of joint account holders, all are required to provide separate CZ-50 (Zakat Exemption Certificate). Designated Officer: Shall i. Ensure the correctness CZ-50 (Zakat Exemption Certificate) as per below mentioned requisites: a. Stamp paper valuing Minimum Rs.20/-. b. Stamp paper properly filled and there is no cutting overwriting. c. Stamp paper should be with witness of two male persons. d. Stamp paper should be attested from Notary Public /Oath Commissioner. e. If stamp paper received from customer in shape of photocopy same should be attested by Notary Public or Oath commissioner. f. Photocopy should be from both sides. ii. Verify the customer’s signature/thumb impressions with led pencil on the stamp papers. iii. Record the receiving of the CZ-50 (Zakat Exemption Certificate) in the Zakat Register by noting down the Sequence Number of the Certificate in the Register. iv. Mark the Zakat Exemption in the system on account/s pertaining to CZ-50 (Zakat Exemption Certificate). Authorizing Officer: Shall review and authorize the Zakat Exemption Marking made by the Designated Officer. Designated Officer: After marking of Zakat Exemption in the system, designated officer shall i. Provide copy of CZ-50 (Zakat Exemption Certificate) duly stamped, dated and signed to the customer for his/her record-keeping. ii. Obtain receiving from customer on the back side of the bank copy of CZ-50 (Zakat Exemption Certificate) for audit trail purposes