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    Zakat Deduction Report

    Uploaded by

    Rana Sab
    This document discusses the process of zakat deduction by Habib Bank Limited in Pakistan. It explains that zakat is deducted at 2.5% annually from savings accounts and other profit-bearing accounts that exceed the nisab, or minimum threshold amount of Rs. 46,329 set by the Pakistani government. The bank follows procedures where zakat is deducted on 1st Ramadan and consolidated reports are generated and submitted. Customers can claim exemption if they wish to pay zakat directly or are not required to pay under their faith, by filing an exemption form by 15th of Sha'aban each year.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Zakat Deduction Report

    Uploaded by

    Rana Sab
    41 views5 pages
    This document discusses the process of zakat deduction by Habib Bank Limited in Pakistan. It explains that zakat is deducted at 2.5% annually from savings accounts and other profit-bearing accounts that exceed the nisab, or minimum threshold amount of Rs. 46,329 set by the Pakistani government. The bank follows procedures where zakat is deducted on 1st Ramadan and consolidated reports are generated and submitted. Customers can claim exemption if they wish to pay zakat directly or are not required to pay under their faith, by filing an exemption form by 15th of Sha'aban each year.

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    This document discusses the process of zakat deduction by Habib Bank Limited in Pakistan. It explains that zakat is deducted at 2.5% annually from savings accounts and other profit-bearing accounts that exceed the nisab, or minimum threshold amount of Rs. 46,329 set by the Pakistani government. The bank follows procedures where zakat is deducted on 1st Ramadan and consolidated reports are generated and submitted. Customers can claim exemption if they wish to pay zakat directly or are not required to pay under their faith, by filing an exemption form by 15th of Sha'aban each year.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    41 views5 pages

    Zakat Deduction Report

    Uploaded by

    Rana Sab
    This document discusses the process of zakat deduction by Habib Bank Limited in Pakistan. It explains that zakat is deducted at 2.5% annually from savings accounts and other profit-bearing accounts that exceed the nisab, or minimum threshold amount of Rs. 46,329 set by the Pakistani government. The bank follows procedures where zakat is deducted on 1st Ramadan and consolidated reports are generated and submitted. Customers can claim exemption if they wish to pay zakat directly or are not required to pay under their faith, by filing an exemption form by 15th of Sha'aban each year.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    (RESEARCH PAPER ON INTERNSHIP)

    INTERNESHIP REPORT
    ON HABIB BANK LIMITED PAKISTAN
    SUBMITTED TO: MAM SHAHOONA
    SUBMITTED BY: DANISH MEHMOOD
    ROLL NO # 289
    BBA SEMESTER 8TH
    GOVT. POST GRADUATE ISLAMIA COLLEGE,
    FASIALABAD.
    Executive Summary
    The experience working at HBL was phenomenal & remarkable. It was
    a delightful saga & drive of erudition that unquestionably cleared the
    perceptions of banking. Banking is a power that reckons and possesses
    the finest people in the nation serving all the businesses. This learning
    was all about serving others in the best possible approach.

    Acknowledgement
    All praises and thanks for Almighty Allah who is entire source of
    knowledge and wisdom to mankind. Who gave me the strength,
    patience, courage and enthusiasm needed to write and complete this
    report. I am actual much obliged and offer salutation to my parents &
    instructors who have assisted me in shaping this report. I’m gratified to
    the Sir Yasir Khan as well as Mam Shahoona for his unconditional
    support.

    INTRODUCTION
    This report is based on my own experience on zakat deduction
    which is successfully completed in Zakat and Ushr Department,
    HBLTC/Shares/Hajj & Zakat Unit, HOK in HABIB BANK LIMITED.

    WHAT IS NISAB (ZAKAT)?


    The word Nisab means the minimum wealth or assets you must own
    before you are eligible to start paying Zakat. This minimum figure is
    called the Nisab threshold and you only pay Zakat once you cross it.
    RATE OF ZAKAT
    Your Zakat should amount to 2.5% or the 40th portion of the cash and
    tradable assets you possess above the Nisab. It is to be paid after an
    entire Islamic year has passed since the acquisition. However, you can
    also pay it in advance if you have wealth equal to or above Nisab on
    hand.

    The government of Pakistani usually announces the Nisab for each year
    shortly before Ramadan. It is generally set according to the cash value
    of 3 ounces (87.48 grams) of gold or 21 ounces (612.36 grams) of silver.

    ZAKAT DEDUCTION PROCESS IN HABIB BANK LIMITED


    (HBL).
    First Head Office Of Habib Bank Limited Get Application From
    Government Of Pakistan Minister of Religious Affairs & Interfaith
    Harmony. Subject of this application is to "DEDUCT ZAKAT AT SOURCE
    IN RESPECT OF SAVING BANKS/PROFIT AND LOSS SHARING AND
    SIMILAR BANK ACCOUNTS (ASSET CODE NO. 101) AND DEPOSIT
    THEREOF IMMEDIATELY AFTER DEDUCTION DATE." I will attach copy of
    that Application.

    PROCEDURE FOR ZAKAT DEDUCTION

    PROCEDURE FOR ZAKAT DEDUCTION ON 1ST RAMZAN-UL-MUBARAK (LIKELY TO


    FALL ON Friday, 24 April, SUBJECT TO APPEARANCE OF THE MOON).

    The 1“ of Ramzan-ul-Mubarak is likely to fall on 24 APRIL, 2020 (subject to appearance of the Moon) and
    the Government has declared it as the Zakat deduction day for the Zakat year. As has been the practice in the
    past, Zakat will be collected from Savings and other Profit bearing accounts on this day. The” Nisab of
    Zakat” has been fixed at Rs. 46,329/- by the Administrator General Zakat, Ministry of Religious Affairs and
    Inter-Faith Harmony, Government of Pakistan, Islamabad under his Circular Letter.
    All branches are advised to strictly follow the following procedure:-

    • Zakat will be deducted on l" of Ramzan -u1 Mubarak which is likely to ,fall on 24 APRIL,
    2020(subject to appearance of the Moon) from customer accounts.

    • As soon as Zakat deduction is completed, branches should print all system generated reports
    including Zakat deduction reports through their own terminals.

    • As per instructions of the Zakat Cell, MORA, GOP, it is required that all Banks should
    transfer the entire amount of Zakat deducted without keeping any amount for the refund of
    Zakat. Keeping in view the very clear instructions from the concerned Zakat Cell of the
    Ministry it would not be possible to make any refund without the approval of the
    competent authority. In order to facilitate branches, Zakat Exemption Reports have
    been provided to them and it should be ensured that exemption from Zakat applied by
    customers is correctly fed in the svstem so that Zakat from anv exempted account is not
    deducted

    • The Regions should ensure that the Zakat Statements pertaining to the last quarter (Sha’aban)
    and as well as 1" Ramzan-ul-Mubarak of the current Zakat Year are prepared by their
    branches as per the procedure given below and submitted to HBL TC/Shares/Hajj & Zakat
    Unit, HOK.

    • The Region’s Consolidated Annual Zakat Unrealized Statement on Form—CZ-09 should


    also be sent to HBLTC/Shares/Hajj & Zakat Unit, HOK. for necessary consolidation /
    compilation at HOK and onward submission to the Zakat Cell, MORA, GOP, Islamabad.

    PROCEDURE FOR SUBMISSION OF ZAKAT COLLECTION


    FORM CZ-07 AND OTHER RELATED INFORMATION.
    The Zakat Cell of the Ministry through SBP Banking Services Corporation (Bank) Head Office informed all
    the Banks / DFIs vide their Circular Letter No.AD.GVT/5833/Zakat-201 1, dated 25.06.2011 that as a
    consequence of the 18'h Amendment in the Constitution, the subject of the Zakat and Ushr has been devolved to
    the Provinces. The Ministry has, therefore, instructed all the Banks/DFIs to report Zakat Collection amounts
    separately for the respective Provinces and Federal Areas. The segregation has been defined as under: -

    PROVINCES FEDERAL AREAS


    Punjab Islamabad Capital Territories
    (ICT)
    Sindh FATA
    Khyber Pakhtunkhwa Gilgit Baltistan
    Baluchistan
    (The above segregation is in addition to Azad Jammu & Kashmir)

    To meet the requirement of segregated reporting by HOK Branches/Centres and Regions are
    advised to implement the following procedure for submission of Zakat Collection Form
    CZ-07:-

    REVIEW AND EXMAPLE:


    Bank deduct zakat & ushr from saving accounts, profit and loss sharing
    accounts.
    EXAPLE: For example, you have saving account and your account balance is Rs. 1,00,000/-. Bank
    deduct 2.5% form your total amount which is approximately Rs. 2500/-. If your account balance is
    less-then Rs. 46,329/-. There will be no deduction of zakat.

    Exemption of zakat deduction:


    Now, some depositors might want to pay their zakat themselves to someone they know personally. In
    that case, they have an option to claim exemption and disallow the bank from deducting the amount.

    And according to Faith and Fiqa some depositors are no obliged to pay zakat.

    However, you need to file for the exemption on a stamp paper by the 15th of shabaan each year.

    (I will attach copy of exempt form).

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