The State Bank of Pakistan will charge 2.5 percent Zakat on the first day of Ramadan on any account maintaining a minimum of Rs. 44,415 balance in savings, profit and loss sharing or similar bank accounts.
However, this does not apply to people who have a balance less than the limit or have submitted their Zakat exemption affidavit by the 15 Shaban or April 21 (given deadline), said a notification from SBP.
“According to Administrator-General Zakat, Ministry of Religious Affairs and Interfaith Harmony, Nisab for Zakat for the year 1439-40 AH is Rs. 44,415 (Rupees forty-four thousand four hundred fifteen only),” it said.
The minimum amount set for zakat deduction this year is Rs. 5,217, it added. Current account holders are also exempted from the deduction.
The first day of Ramadan is expected on Tuesday, May 7 (subject to sighting of the moon).
As per the Shariah law, the Nisab for Zakat is calculated to be equivalent to 52 tolas worth of silver (or 606.32 grams).
According to the sources, the total Zakat collection during the fiscal years 2015-2017 remained close to Rs. 17.7 billion.