Monday, April 15, 2024

Minimum Nisab for Zakat Deduction from Bank Accounts Fixed at Rs. 135,179

The government has decided that the Nisab for Zakat will be set at Rs135,179 for the year 1444-45 A.H. This means that if someone has savings in their bank account, profit and loss sharing accounts, or similar accounts, and the total amount reaches or exceeds Rs135,179, Zakat will be deducted from that amount. This deduction is expected to happen around March 12 or 13, depending on when the moon is sighted.

The Ministry of Poverty Alleviation and Social Security has informed the State Bank of Pakistan (SBP) and Zakat Collection Controlling Agencies about this decision through a notification. According to the notification, if someone’s account balance is less than Rs135,179 on the first day of Ramadan, Zakat won’t be deducted from their account.

On the first day of Ramadan, Zakat will be deducted from accounts with a credit balance of Rs135,179 or more. The Zakat Collection Controlling Agencies will deduct Zakat accordingly and then provide a return form to the ministry after depositing the Zakat in the Central Zakat Account maintained with the SBP.

In the past years, the Nisab for Zakat was Rs103,159 for the year 1443-44 A.H and Rs88,927 for the year before that.

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