The Ministry of Poverty Alleviation and Social Safety (PASS) has announced the Nisab for Zakat deduction for the ongoing year. As per a notification issued by the ministry, Zakat will be deducted from saving accounts, profit and loss sharing accounts, and similar accounts that have a minimum balance of Rs103,159 or above, on the first day of Ramadan.
Last year, the Nisab was set at Rs88,927. Under the Zakat and Ushr Ordinance 1980, no Zakat will be deducted if a bank account has a lower amount than the value announced by the ministry, according to the statement. The ministry has requested all Zakat Collection Controlling Agencies (ZCCAs) to deduct Zakat accordingly.
The first day of Ramadan is expected to fall on March 23 this year, subject to the appearance of the moon. To be eligible for Zakat, which is one of the five pillars of Islam, an individual’s wealth must exceed a threshold figure, known as the “Nisab”.
Individuals who do not wish to have Zakat deducted from their accounts can submit a “Zakat exemption” form to their respective banks. Stay tuned for further updates on the Zakat deduction for the ongoing year.