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Tag: Zakat

  • Banks to remain closed for Zakat deduction

    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).

  • Zakat on amount Rs46,329 and above to be deducted from bank accounts

    Zakat on amount Rs46,329 and above to be deducted from bank accounts

    KARACHI: State Bank of Pakistan (SBP) on Monday issued instructions to banks related to deduction of Zakat on amount above Rs46,329 maintained in saving bank accounts.

    The SBP said that Administrator General Zakat had notified the ‘Nisab of Zakat’ for the Zakat Year 1440-41 AH at Rs46,329.

    No deduction of Zakat at source shall be made, in case the amount tanding to the credit of an account is less than Rs46,329 on the first day of Ramzan ul Mubarak, 1141 AH.

    First day of Ramzan ul Mubarak, has already been notified as the deduction date likely to fall on April 23 or 24, 2020 (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 Rs46,329.

    All the Zakat collection controlling agencies have been asked to deduct the Zakat accordingly.

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

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

    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.

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