Zakat is the most important foundation of Shariah based economy and is Farz for every capable Muslim. However Zakat payers face difficulties in calculating the exact amount of Zakat. That is why; this ‘Mudaraba Zakat Savings Account’ has been introduced like a special deposit scheme for Zakat payers.
- The scheme holders shall conduct the account on the basis of Mudaraba policy of Islami Shariah
- The depositors shall get profit at the rate of 10 per cent on daily balance.
- The Zakat payers themselves or the bank on behalf of the Zakat payers can withdraw the Zakat amount from the total savings (including profit) after the month of December and spend the Zakat amount in selected sectors as per direction of Al Quran.
- The beneficiaries are entitled to get profit semiannually.
- No amount can be withdrawn from the account before December prior to giving profit. Scheme holders can withdraw the total deposit after December and after paying Zakat can continue saving in the account. If the Zakat payers do not withdraw the amount that time they can instead withdraw during the month of Ramadan and pay Zakat as per direction of Shariah.
- The scheme holders are entitled to a savings account at the bank.