The Administrator General Zakat has notified the Nisab of Zakat in Pakistan at Rs. 103,159 for the Zakat year 1443-44 AH, according to a notification issued by the Ministry of Poverty Alleviation & Social Safety.
No deduction of Zakat at source will be made, in case the amount standing to the credit of an account is less than this amount i.e. Rs. 103,159 on the first day of Ramzan-ul-Mubarak 1444 AH, as per the Zakat and Ushr Ordinance, 1980.
The notification said that the first day of Ramzan has already been notified as the ‘deduction date’ likely to fall on 23rd or 24th March 2023 for deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts, and other similar accounts having credit balance of Rs. 103,159. Current accounts in banks are exempted from this deduction.
Banks and financial institutions will deduct Zakat of 2.5 percent from amounts above the mentioned Nisab on the first day of the holy month of Ramzan.
Zakat applies to the savings 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.
The amount under Nisab has increased this year from the previous year’s value of Rs. 88,927 in Pakistan. The increase is mainly due to higher prices of gold and silver.
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. The Nisab of Zakat is set at the average yearly value of the valuable metal.
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