With only a few days left for Ramadan, the Ministry of Poverty Alleviation and Social Safety on Tuesday announced the minimum Zakat Nisab for the ongoing year.
Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a minimum balance of Rs103,159 or above, on the first of Ramadan, the notification issued by the ministry read.
It should be noted that the Nisab was fixed at Rs88,927 last year.
Under the Zakat and Ushr Ordinance 1980, no Zakat would be deducted in case a bank account has a lesser amount than the value announced by the ministry, added the statement.
"All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly," it said.
The first of Ramadan will likely fall on March 23, this year, subject to the appearance of the moon.
To be liable for Zakat — which is one of the five pillars of Islam — one's wealth must amount to more than a threshold figure, termed the "Nisab".
Those who do not want a Zakat deduction from their accounts can submit a "Zakat exemption" form to their respective banks.
The State Bank of Pakistan (SBP) has announced Friday (March 24) as a Bank Holiday for Zakat deductions.
Family claims doctors initially recommended shifting Nisar to ICU, but he was denied admission despite vacant beds
Slain militants remained involved in numerous terrorist activities, says military’s media wing
Travellers strongly advised to verify road conditions before departure and postpone non-essential journeys
Omar Ayub, Hamid Raza, Aleema Khan, and Noreen Khanum among detainees after altercation with police
Prime accused found involved in hawala-hundi, cryptocurrency, and online fraud, states FIR
Instead of dividing into blocs, we must focus on connectivity — this is how Hungary sees its partnership with...
