Zakat, one of the five pillars of Islam, means giving a fixed portion of your wealth to the needy people. In Pakistan, Zakat is collected on the basis of Sahib e Nisab which means the owner or possessor of assets is obliged to pay Zakat under the Shariah law which is either equal to or more than the nisab. Eleven types of assets that are liable to Zakat are mentioned in the “1st Schedule of Zakat and Usher Ordinance 1980”.
The amount collected for Zakat in the past 3 financial years has revealed that approximately, Rs. 17.7476 Billion in Zakat was gathered from various banks all over the country including Azad Jammu and Kashmir, Gilgit-Baltistan and Federally Administered Tribal Areas (FATA).
Back in August, the Supreme Court passed out a petition of mandatory Zakat being deducted from the pension funds of the employees of all companies and corporations. It was challenged by Pakistan Telecommunication Corporation Employees Trust but was rejected by Chief Justice Mian Saqib Nisar and the three-judge bench of the apex court.
- Rs 2.5489 billion collected in 2014-15
- Rs 2.8798 billion collected in 2015-16
- Rs 4,386 billion in 2016-17
- Rs 1.536 billion collected in 2014-15
- Rs 1.194 billion collected in 2016-17
- Rs 610.41 million collected in 2014-15
- Rs 690.38 million collected in 2015-16
- Rs 970.30 million collected in 2016-17.
- Rs 220.71 million collected in 2014-15
- Rs 250.65million collected in 2015-16
- Rs 350.9792 million collected in 2016-17
- Rs 110.76 million collected in Financial Year (FY) 2014-15
- Rs 130.28 million collected in FY 2015-16
- Rs 180.63 million collected in FY 2016-17.
- Rs 60.22 million collected in FY 2014-15
- Rs 70.80 million collected in 2015-16
- Rs 90.84 million collected in 2016-17.
- Rs 150.483 million collected in FY 2014-15
- Rs 170.493 million collected in 2015-16
- Rs 240.54 million collected in 2016-17.