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SEMESTER SPRING 2017 BANKING LAWS & PRACTICES (BNK601) ASSIGNMENT # 1 DUE DATE: 11th MAY, 2017 MARKS:10

LEARNINGOBJECTIVES:
To get acquaintance with Zakat Deduction & Waiver / Exemption against Bank accounts.
Question
There is no doubt in the fact that banks serve as lifeline of economy, and act as a financial hub by being a
major source of collection of revenue, duties and taxes for the government. Likewise, deduction of Zakat
is another holy duty that the banks perform in each year for onward transmission to their head office
which ultimately remits the proceeds to government accounts.
It is, however, observed in the performance of this duty that many clients (individual and corporate)
prefer not to treat their accounts for deduction of Zakat on grounds of belief or owing to any other
reason.
Keeping above in view, you are required to visit your nearby bank branch and answer the
following questions in light of information sought from bank officials:
a) What do you understand by the terms ‘Zakat’ and ‘Ushr’?
(2 Marks)
b) On which day of the Islamic calendar is the Zakat deduction activity carried out? What is the rate
of Zakat deduction? (1 Mark)
c) Does the account balance eligible for Zakat deduction stay fixed each year, or is it revised
annually? What was the NISAB for Zakat in terms of account balance last year?
(1 Mark)
d) Does deduction of Zakat apply to all types of accounts (Current, Savings and Fixed /Term
Deposits)? (0.5 Mark)
e) Does deduction of Zakat apply to Individual accounts only, or Corporate/Commercial accounts
only, or both? Can Corporate / Commercial Accounts be marked as exempted from Zakat?
(1 Mark)
f) Which document is required to be submitted to bank officials for exemption of Zakat deduction
against customer’s account? (0.5 Mark)
g) What is the deadline for submitting such document to bank? (0.5 Mark)
h) Does the document for waiver of Zakat deduction have to be submitted to bank in original only?
(0.5 Mark)
i) Write the contents of the document submitted to bank officials for marking exemption against
Zakat deduction? (3 Marks)
IMPORTANT
24 hours extra / grace period after the due date is usually available to overcome uploading
difficulties. This extra time should only be used to meet the emergencies and above mentioned
due dates should always be treated as final to avoid any inconvenience.
OTHER INSTRUCTIONS
DEADLINE
• Make sure to upload the solution file before the due date on VULMS.
• Any submission made via email after the due date will not be accepted.
FORMATTING GUIDELINES
• Use the font style “Times New Roman” or “Arial” and font size “12”.
• It is advised to compose your document in MS-Word format.
• You may also compose your assignment in Open Office format.
• Use black and blue font colors only.
REFERENCING GUIDELINES
• Use APA style for referencing and citation. For guidance search “APA reference style” in Google
and read various website containing information for better understanding or visit
http://linguistics.byu.edu/faculty/henrichsenl/apa/APA01.html
RULES FOR MARKING
Please note that your assignment will not be accepted, if:
• It is submitted after the due date.
• The file you uploaded does not open or is corrupt.
• It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc.
• It is cheated or copied from other students, internet, books, journals etc.

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