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Showing posts with label ramazan. Show all posts
Showing posts with label ramazan. Show all posts

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.