KARACHI – The government of Pakistan has officially announced the Nisab of Zakat for the Zakat Year 1439-40 AH, setting the threshold at Rs44,415, according to a statement released by the State Bank of Pakistan (SBP) on Friday.
The SBP clarified that this amount has been determined in consultation with the Ministry of Religious Affairs, which issued a formal notification on May 3, 2019, regarding the applicable Nisab for that Zakat year. This threshold applies specifically to deductions at source from bank accounts such as Savings Accounts, Profit and Loss Sharing Accounts, and other similar deposit accounts.
As per the notification, Zakat will be automatically deducted at source from accounts that have a balance equal to or exceeding Rs44,415 on the first day of Ramazan ul Mubarak, 1440 AH. The expected date for the start of Ramazan—and consequently, the deduction of Zakat—is likely to be May 6 or 7, 2019, depending on the sighting of the moon.
The concept of Nisab is rooted in Islamic principles and refers to the minimum amount of wealth a Muslim must possess before they are liable to pay Zakat, a form of almsgiving considered one of the Five Pillars of Islam. The Zakat obligation is calculated on various types of assets, including bank savings, gold, silver, and business inventory.
According to the Zakat and Ushr Ordinance of 1980, no Zakat will be deducted if the balance in the relevant account is below the declared Nisab on the prescribed date. This ensures that only eligible individuals—those who possess wealth beyond the set threshold—contribute to the welfare-oriented Islamic system of Zakat.
The annual announcement of the Nisab of Zakat helps banks, financial institutions, and account holders prepare for the obligatory deduction. It also emphasizes the importance of contributing towards social welfare, as collected Zakat funds are typically used to assist the below poverty, needy, orphans, and other underprivileged segments of society.
Citizens are advised to review their bank balances and understand the implications of Zakat deductions to comply with Islamic obligations and national regulations.