According to a notification released by the Ministry of Poverty Alleviation & Social Safety, the Administrator General Zakat has notified the Nisab of Zakat in Pakistan at Rs. 135,179 for the Zakat year 1444-45 AH.
The Zakat and Ushr Ordinance, 1980 states that if the amount standing to the credit of an account is less than this amount, or Rs. 135,179 on the first day of Ramzan-ul-Mubarak 1445 AH, no Zakat deduction would be done at the source.
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According to the notification, the first day of Ramadan has already been designated as the “deduction date,” which is anticipated to occur on March 12 or 13, 2024, for the purpose of deducting Zakat from savings bank accounts, profit and loss sharing accounts, and other such accounts with a credit balance of Rs. 135,179. Bank current accounts are not subject to this deduction.
On the first day of the holy month of Ramadan, banks and financial institutions will deduct 2.5 percent of amounts above the specified Nisab for Zakat.
Savings accounts and products kept by banks, asset management firms, and other financial institutions are covered by zakat. Customers who have filed certificates of Zakat exemption will not be subject to any deductions in the meantime.
This year, the sum under Nisab in Pakistan has increased from Rs. 103,159 to the previous year’s value.
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