How to avoid zakat deduction through your savings bank account?

saving-account

#1

The Zakat is always charge on Savings Account Products i-e PLS or TDRs.

Exemptions from Compulsory Deduction of Zakat

i. Non-Muslims
The fact of a person being non-Muslim should be established through the record available with the
branch or a solemn affirmation in writing of the person concerned.

ii. Non-Pakistanis
The fact that an individual is not a citizen of Pakistan to be established through an attested true
photocopy of the passport or equivalent document establishing his nationality, accompanied by
a solemn affirmation in writing to the effect that he is not a citizen of Pakistan.

iii. Companies with Majority Ownership of Non-Muslims
In case of Companies / other associations of persons or body of individuals, where not less than
fifty percent of the value of its shares is owned by or the beneficial ownership of individuals,
where not less than fifty percent of the value of its shares is owned by or the beneficial
ownership thereof is held in the names of individuals who are not Muslim citizens of Pakistan may claim exemption through a solemn affirmation in writing, together with the requisite
details, to be given by its principal Executive in Pakistan.

iv.Faith and Fiqh
a) Exemption from deduction on grounds of faith and fiqh may be claimed by filing a declaration
with the branch, on form CZ-50 or an attested true copy thereof, within a period not less than
thirty days preceding the Valuation Date. The declaration or the attested copy thereof filed as
aforesaid in one Zakat year shall be valid for so long as the declaration or its copy, and the asset
liable to Zakat to which it relates, remain in the custody of the Banks.


#2

Dear Aamir,

Thank you for the clarifications. I am sure it will help a number of people who need to understand this matter further.

Regards,
Team Mawazna