Thursday, August 19, 2010

Bank holiday on first Ramazan.

Over the years banks have been observing a holiday on 1st of ramazan on account of zakat deduction from account holders' accounts.
This was a practice when bank accounts were maintained manually in ledgers and books and there was no computerization, hence calculating and deducting zakat from the accounts was a tedious task.

Cant in this age of computerization, a simple program can be developed and run to deduct 2.5% zakat from all saving accounts who have a balance threshold required to pay zakat ?

With the type of complex tasks being done with computers these days, I am pretty confident that this excercise would not take more than an hour to run on all the accounts, and hence a day's holiday can be avoided.

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