ISLAMABAD: The Ministry of Poverty Alleviation and Social Safety has set the Nisab for Zakat deduction for the current fiscal year. According to a ministry notification, Zakat will be deducted from profit and loss sharing accounts, saving accounts, and other similar accounts with a minimum balance of Rs103,159 or more on the first of Ramadan. The Nisab was fixed at Rs88,927 the previous year.
No Zakat deduction from an account with less balance
According to the Zakat and Ushr Ordinance 1980, no Zakat is deducted if a bank account balance is less than the value announced by the ministry. It stated that all Zakat Collection Controlling Agencies (ZCCAs) are to deduct Zakat in accordance with the law. Depending on the moon sighting, the first of Ramadan will likely fall on March 23 this year.
To be liable for Zakat, one’s wealth must add up to more than a threshold figure, termed the “Nisab.” Those who do not want a Zakat deduction from their accounts can ask their banks for a “Zakat exemption” form.
