Government of Pakistan’s System of Zakat and its Deduction in Banks: A review of the views of Religious Scholars

Abstract

Zakat is the most important religious duty. It is a part of Islam, so it has the status of worship. Zakat is obligatory once a year for every Muslim who has a syllabus. Full details of the syllabus of Zakat are available in books of Hadith and Fiqh. One of the current forms of Zakat syllabus is currency note. Currency is very important in the current era. No matter how much currency each person has, it is not safe at home. Therefore, this currency is kept in banks for security purposes to ensure its safety and security. The account holder is satisfied that his currency is not only safe in the bank but also in case of loss of the bank he will get the full amount. So he deposits his money in the bank for the same satisfaction. A significant number of people in Pakistan keep their wealth in the bank. Every year on the first day of the month of Ramadan, the government of Pakistan collects Zakat from the wealth of the people in the banks and collects it from them in a certain way. This article examines the views of scholars on the system of Zakat of the Government of Pakistan and the reduction of Zakat in banks and gives suggestions for improvement.