How Far Have Measures Taken To Islamize The Economy Of Pakistan Been Successful?

Main attempt to Islamize the economy of Pakistan was made during the period of Zia-ul-Haq:

1. Zakat and Ushar ordinance was enforced in 1980. It was an important step towards the Islamisation of the economy of Pakistan. Zakat was deducted from all bank accounts on 1st of Ramadan every year at the rate of 2.5 percent from all Muslims of Pakistan. The Ushar is a tax on agricultural crop production and is at the rate of 10% of all agricultural production if the produce exceeds a certain given limit. The Zakat and Ushar money was to be spent on the poor and needy people. A Central Zakat community was set up which was responsible for the collection and distribution of Zakat in the country. This system is continuing in Pakistan.

2. Interest free Banking system was enforced in January 1981. Interest, which is strictly prohibited in Islam, has been replaced by the systems of Profit and Loss Sharing. It was well received by the people. Under this system the account holder's shares the profit as well as the loss with the banks

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