SBP sets Zakat nisab at Rs46,329 for 2020

The government on Monday set the 'nisab for Zakat' at Rs46,329 for the current year, a statement from the State Bank of Pakistan read.

"No deduction of Zakat at source shall be made [...] in case the amount standing to the credit of an account is less than Rs46,329 on the first day of Ramzan ul Mubarak, 1141 AH," read the statement.

"First day of Ramzan has already been notified as the deduction date likely to fall on  April 24 or 25, 2020 (subject to appearance of the moon) for deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts and other similar Accounts having credit balance cf Rs.46,329.00," the statement read.

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’.

"All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly," it read.