For the year 2023, the Nisab for Zakat deduction on bank accounts has been set by the Pakistani government at Rs103,159.
According to a notification from the Poverty Alleviation and Social Division, on the first of Ramadan, Zakat will be taken out of savings accounts and profit-sharing accounts with balances greater than Rs103,000.
According to the Zakat and Ushr Ordinance, if a bank account has less money in it than the government-set limit, nothing would be taken out.
One of the fundamental tenets of Islam is the requirement that one’s wealth exceed a predetermined quantity known as “Nisab” in order to qualify for zakat. Banks offer Zakat exemption services for customers who don’t want to pay.
