KARACHI: The Ministry of Poverty Alleviation and Social Safety announced the Nisab of Zakat the minimum amount in bank accounts from which zakat will be deducted on Friday.
On the first day of Ramadan, banks will deduct 2.5% of the total amount as zakat.
If the amount standing to the credit of an account in respect of assets is less than Rs103,159, no zakat deduction will be made at the source, according to a notification available on the State Bank of Pakistan’s (SBP) website.
The Nisab of zakat this year is 16% higher, or Rs14,232, than the Nisab of Rs80,933 announced last year.
The first day of Ramadan, which is expected to fall on March 23 or 24, 2023 (depending on the moon sighting), has been designated as the ‘deduction date,’ when zakat will be deducted from savings bank accounts, profit and loss-sharing accounts, and other similar accounts.
Furthermore, those who have filed zakat exemption affidavits are not required to pay zakat on their bank balance. Furthermore, people and corporations with current accounts are not required to pay zakat on their accounts.
The money collected for zakat is distributed among needy and poor patients in hospitals.