Nisab of Zakat notified for deduction from bank accounts

Nisab of Zakat notified for deduction from bank accounts

Pakistan on Friday issued Nisab of Zakat for deduction at source in respect of deposits in bank accounts.

Ministry of Poverty Alleviation and Social Safety in an office order notified the Nisab of Zakat for the Zakat year 1443-44 AH at Rs103,159 (Rupee one hundred three thousand one hundred fifty nine only).

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No deduction of Zakat at source shall be make, in case the amount standing to the credit of an account in respect of the assets mentioned in Zakat and Usher Ordinance, 1980 is less than Rs103,159 on the first day of Ramzan-ul-Mubarak, 1444 AH.

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First day of Ramzan-ul-Mubarak has already been notified as the ‘deduction day’ likely to fall on March 23 or March 24, 2023 (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 of Rs103,159.

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All the Zakat Collection Agencies (ZCCAs) have been advised to deduct the Zakat accordingly.

Meanwhile, the State Bank of Pakistan (SBP) issued instructions to all the banks regarding deduction of Zakat at sources for necessary action and compliance regarding the subject.

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