Karachi, March 7, 2024 – In preparation for the upcoming holy month of Ramadan 2024, Pakistan has officially notified the Nisab of Zakat, outlining the criteria for the deduction of Zakat from bank accounts on the first day of the sacred month.
The announcement was made by the Ministry of Poverty Alleviation and Social Safety, emphasizing the country’s commitment to supporting those in need through the traditional practice of giving.
The ministry revealed that the Nisab of Zakat for the Zakat year 1444-45 A.H is set at Rs 135,179. This figure serves as the threshold for determining whether an individual is eligible for Zakat deduction, reflecting the government’s efforts to ensure that financial aid reaches those who need it the most.
According to the ministry’s guidelines, no deduction of Zakat at source will be made if the amount standing to the credit of an account, concerning the assets mentioned in column 2 of Serial No. 1 of the first schedule of Zakat and Usher Ordinance, 1980, is less than Rs 135,179 on the first day of Ramadan ul Mubarak, 1445 A.H.
The ministry further specified that the first day of Ramadan, set as the ‘deduction date,’ is expected to fall on 12th or 13th March 2024, contingent upon the appearance of the moon. On this date, Zakat will be deducted from Saving Bank Accounts, Profit and Loss Sharing Accounts, and other similar accounts with a credit balance of Rs 135,179.
All Zakat Collection Controlling Agencies have been instructed to ensure the appropriate deduction of Zakat in accordance with the established guidelines. The government’s commitment to effective implementation is evident in the coordination between regulatory bodies and financial institutions.
The State Bank of Pakistan (SBP) has played a pivotal role in facilitating the process, issuing necessary instructions to commercial banks for the smooth deduction of Zakat. This collaboration between the government and financial institutions highlights the importance of a unified effort in ensuring the successful execution of welfare initiatives.
Zakat, one of the Five Pillars of Islam, emphasizes the act of giving to those less fortunate as a means of social responsibility and solidarity. The announcement of the Nisab for Zakat in Pakistan not only signifies a religious obligation but also showcases the government’s dedication to poverty alleviation and social welfare.
As the holy month of Ramadan approaches, the people of Pakistan are reminded of the significance of charitable giving, fostering a sense of community and compassion. The government’s proactive measures to facilitate Zakat collection and distribution underscore its commitment to building a more equitable society.
