Nisab of Zakat fixed at Rs44,415 for deduction from bank accounts

KARACHI: The government has set ‘Nisab of Zakat’ at Rs44,415 for Zakat Year 1439-40 AH for deduction from bank accounts, said a statement issued by State Bank of Pakistan (SBP) on Friday.

The SBP said that the Ministry of Religious Affairs had fixed Nisab of Zakat through a notification on May 03, 2019 issued the notification.

The ministry notified that the deduction of Zakat at source in respect of saving bank/profit and loss sharing and similar bank accounts, the Nisab of Zakat for Zakat Year 1439-40AH at Rs44,415.

No deduction of Zakat at source shall be made, in case the amount standing to the credit of an account in respect of the assets mentioned of the first schedule of Zakat and Usher Ordinance, 1980, is less than Rs44,415 on the first day of Ramazan ul Mubarak, 1440 AH.

First day of Ramazan ul Mubarak, has already been notified as the deduction date likely to fall on May 06 or 07, 2019 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 Rs44,415.

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