State Bank Sets Nisab of Zakat

The government has set Nisab of Zakat at Rs. 38,406 for the zakat year 1437-38 which will apply on Saving Accounts, according to a notification issued Wednesday.

This essentially means that no deduction of Zakat at source shall be made in case the amount parked in the accounts is lesser than the value defined above.

The 2.5 per cent deduction, applied on Saving, Profit and Loss Sharing and other similar accounts, will be made on 1st of Ramazan which is likely to fall on May 27 or 28, notified the Administrator General Zakat.

However, the Savings Account holders, who have already submitted an affidavit, will be exempted from the deduction.

State Bank of Pakistan has issued directives to all the Presidents / Chief Executives of All Banks / DFIs / MFBs, which is given as below.

Deduction of Zakat at Source in Respect of Saving Banks/Profit & Loss Sharing and Similar Bank Accounts (Asset Code No.101) and Deposit Thereof Immediately after Deduction Date

State Bank also shared the copy of the notification No.CE-1001(36)/NISAB/1437-38/2017 dated May 24, 2017 issued by the Ministry of Religious Affairs and Interfaith Harmony, on the subject for immediate action.

    • hahhahah yaar tum kitnay bholay ho,,, o bhai yeh Zakat hakomti projects mai laga detay hain aur jo loog banks se zakat katwatay hain un ki zakat hoti he nahi ….. yeh unhe akhirat mai pata chulay ga …..

  • koi bata sakta ha ke, kitne erse se paise parye ho to un par deduction ho ge, let’s suppose kisi ko abhi ek month howa ha to os par bhi deduction ho ge kya ?

  • Oh the irony. Deduction of ‘Zakat’ on PLS accounts; the source of ‘Interest’. Ma sha Allah!

  • Hello Bhai koi yeh btae ga I hv ten lakh in my acoount jis mae sae mai apni family dependats sub ka karcha pura karta hun ur rent kae ghar mai rehta hun meri abhi monthly income forty thousand hai aur koi gold bhi nhi merae pass kia mujh pae zakat hai thank you

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