The Administrator General Zakat has notified the Nisab of Zakat in Pakistan at Rs. 135,179 for the Zakat year 1444-45 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. 135,179 on the first day of Ramzan-ul-Mubarak 1445 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 the 12th or 13th of March 2024 for deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts, and other similar accounts having a credit balance of Rs. 135,179. 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. 103,159 in Pakistan.
