The State Bank of Pakistan (SBP) has notified the types of bank accounts from which Zakat will be deducted for the year 2025. This directive ensures compliance with the national regulations governing Zakat collection and distribution.
(more…)Tag: Zakat
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SBP Notifies Banks About Annual Zakat Deduction
Karachi, February 27, 2025 – The State Bank of Pakistan (SBP) on Thursday issued comprehensive instructions to all banks regarding the deduction of Zakat for the year 2025. The directive is aimed at ensuring the smooth implementation of Zakat deduction as per Islamic financial principles.
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Pakistan Sets Nisab of Zakat at Rs 179,689 for Year 2025
Islamabad, February 26, 2025 – Pakistan has officially announced the Nisab of Zakat for the Zakat Year 1445-46 AH, setting it at Rs 179,689. The deduction of Zakat will take place on the first day of Ramadan, as per the notification issued by the Ministry of Poverty Alleviation and Social Safety.
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SBP Declares Bank Holiday on 1st Ramadan for Zakat Deduction
Karachi, March 8, 2024 – The State Bank of Pakistan (SBP) announced on Friday that it will observe a bank holiday on the 1st day of Ramadan-ul-Mubarak, 1445 A.H., for the purpose of the annual Zakat deduction.
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Pakistan Announces Nisab of Zakat for Ramadan 2024
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.
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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.
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KTBA organizes seminar on Zakat calculation
Karachi Tax Bar Association (KTBA) is organizing a seminar on Zakat calculation on Friday, March 17, 2023.
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Nisab of Zakat fixed at Rs88,927
KARACHI: The federal government on Wednesday announced an amount of Rs88,927 as deduction of Zakat from bank accounts and deposits on the first day of the holy month of Ramzan.
According to a notification issued by the Cabinet Secretariat the administrator General Zakat had notified the ‘Nisab of Zakat’ for the Zakat Year 1442-43 AH at Rs88,927.
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 in column 2 of Serial No. 1 of the first schedule of Zakat and Ushr Ordinance, 1980, is less than Rs88,927 on the first day of Ramzan ul Mubarak 1443 AH.
First day of Ramzan has already been notified as the deduction date likely to fall on April 3 or 4, 2022 (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 Rs88,927.
All the Zakat collection controlling agencies have been asked to deduct the Zakat accordingly.
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Nisab of Zakat fixed at Rs80,933
ISLAMABAD: The administrator general Zakat on Saturday issued the ‘Nisab of Zakat’ for the Zakat Year 1441-42 A.H at Rs.80,933.00/- (Rupees: eighty thousand nine hundred thirty-three only).
No deduction of Zakat at source shall be mentioned in column 2 of Serial No.1 of the first schedule of Zakat and Ushr Ordinance, 1980 is less than Rs. 80, 933.00/- (Rupees: eighty thousand nine hundred thirty-three only), on the first day: of Ramazan-ul -Mubarak, 1442 A.H as the “Deduction Date” likely to fall on 14th or 15th April 2021 (subject to appearance of moon) for deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts and other similar.
Account having credit balance of Rs. 80,933.00/- (Rupees: eighty thousand nine hundred thirty-three only).
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Banks to remain closed for Zakat deduction
KARACHI: Banks to remain closed for public dealing on Monday due to deduction of Zakat.
The State Bank of Pakistan (SBP) in a statement said that it will remain closed for public dealing on Monday, April 27, 2020, which shall be observed as “Bank Holiday” for the purpose of deduction of Zakat.
All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on Monday, April 27, 2020.
However, all employees of the banks / DFIs / MFBs will attend to their official assignments (in-office or work-from-home, as designated under the current COVID-19 situation) on Bank Holiday treating it as a normal working day (except for public dealing).