The government has set the Nisab-i-Zakat for the upcoming Zakat Year 1444-45 A.H., determining the minimum amount in bank accounts on which zakat will be applicable from the first day of Ramadan.
The Ministry of Poverty Alleviation and Social Safety (PASS) issued a notification establishing the new Nisab at Rs. 135,179.
As per the notification, zakat will be deducted from various types of accounts including Saving Bank Accounts, Profit and Loss Sharing Accounts, and similar ones.
Banks are instructed to deduct 2.5% of the total amount held in these accounts as zakat.
Under the Zakat and Ushr Ordinance, 1980, no zakat deduction will occur if the balance in the specified accounts is less than Rs 135,179.
The first day of Ramadan, anticipated to be March 12 this year pending the sighting of the moon, is designated as the “deduction date” for the collection of zakat from banks’ accounts as per the notification.
