Profit-making subsidiaries of charitable trusts liable to pay Zakat, rules LHC

RAWALPINDI: In a landmark judgment, the Lahore High Court (LHC) has ruled that profit-making subsidiaries of charitable trusts are not exempt from Zakat deduction. The LHC’s Rawalpindi Bench gave this ruling while dismissing a petition filed by Fauji Foundation’s educational entity Foundation University. The plea challenged the deduction of Zakat from its investments in National Saving Certificates. The bench, led by Justice Jawad Hassan, held that the university does not qualify for exemptio...

By none@none.com (Malik Asad)