The Government of Pakistan has fixed the Nisab of Zakat in Pakistan at Rs. 88,927 for the year 1442 AH or 2022.
Banks and financial institutions will deduct Zakat of 2.5 percent from amounts above the mentioned Nisab by the government on the first day of the holy month of Ramadan from the savings accounts, profit-loss sharing accounts, and other similar accounts, according to a notification issued by the Administrator-General Zakat.
Zakat applies to the saving accounts and products maintained by banks, asset management companies, and other financial entities. Meanwhile, customers who have submitted Zakat exemption certificates will not have any deductions.
Current accounts in banks are exempted from this deduction. The amount under Nisab has increased this year from the previous year’s value of Rs. 80,933 in Pakistan. The significant increase in fixed amounts was mainly due to higher prices of gold and silver recorded last year.
Zakat applies to the amount of savings for a holding period of one year, which is equal to or above the value of 7.5 tolas of gold and 52.5 tolas of silver. The benchmark or Nisab is set against the value of the commodity, which has a lower value in price, which is silver.
Currently, the price of one tola of silver is Rs. 1,710. The Nisab of Zakat is set at the average yearly value of the valuable metal.
What about Non Muslim Peoples ?
Please note that its 1444 AH instead of 1442 AH…