Tuesday Mar 21, 2023
The Ministry of Poverty Alleviation and Social Safety has fixed the Nisab for Zakat deduction for the ongoing year.
According to a notification issued by the ministry, 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 Nisab was fixed at Rs88,927 in the previous 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 Zakat deduction from their accounts can submit a "Zakat exemption" form to their respective banks.