Deduction of Zakat on shares and life insurance policy: An Analytical Study in the Context of Zakat and Ushr Laws of Pakistan: حصص اور بیمہ زندگی پالیسی سے کٹوتی ِ زکوۃ : پاکستان کےقوانین ِ زکوۃ و عشر کے تناظر میں ایک تجزیاتی مطالعہ

Abstract

Zakat is one of the most fundamental aspects of Islam, and it is mandatory for every able-bodied Muslim who meets the Zakat prerequisites. Zakat payers either pay their zakat individually or the government collects it from them through financial institutions in accordance with federal and provincial zakat rules. In the framework of zakat collection, the government collects a significant amount from shares and life insurance policies through all government and non-government organizations and institutions of the country. In this paper, the government's method of deducting zakat for shares and life insurance policies has been explained first in light of zakat laws. Later, this method was evaluated in Shariah embassies. An analytical research approach is used in this study. In this work, the researcher opted to develop concepts from primary sources linked to the subject and then used secondary sources and contemporary references to enhance the subject by combining ancient and modern perspectives.