Zakat On Islamic Naya Pakistan Certificate (INPC)
Pakistan government offers investment opportunity in INPC through Roshan Digital Accounts in several banks. On the investments for 3 year or 5 year period, a profit is given every six months, after deduction of 10% tax. For this investment,
a) Will the Zakat be payable only on the profit or the whole amount?
b) If it is 10% on the profit, then will it be considered paid due to the 10% tax?
The following link has some details about INPC:
A brief description copied from the website is pasted below:
Underlying Islamic Mode: Investors will enter into a Mudarabah contract for investment of their funds in Shariah-compliant INPCs with the INPC Company Limited. The investors are Rab-ul Maal and INPC Company Limited is the Mudarib.
Profit & Loss Mechanism: The INPC Company Limited (Mudarib), will share the profit with investors on the basis of a predetermined percentage of the distributable profit of the business, called PSR (Profit Sharing Ratio). All the investors will be assigned weightages based on the features of the INPC held by them, such as tenure, profit payment options and other applicable features for the purpose of calculation of profit.
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