The government has announced the Nisab-i-Zakat for the Zakat Year 1444-45 A.H at Rs. 135,179. Zakat will be deducted from specific bank accounts at 2.5% on the first day of Ramadan, which is expected to be on March 12, 2024. This will apply to Saving Bank Accounts, Profit and Loss Sharing Accounts, and other similar accounts
ISLAMABAD: The government has announced the Nisab-i-Zakat for the Zakat Year 1444-45 A.H, the minimum amount in bank accounts on which zakat will be deducted on the eve of first Ramadan,
The Ministry of Poverty Alleviation and Social Safety (PASS) notified the new Nisab at Rs. 135,179.
According to the notification, the Zakat would be deduced from Saving Bank Accounts, Profit and Loss Sharing Accounts, and other similar accounts.
Banks will deduct 2.5% of the total amount in their accounts as zakat.
According to the Zakat and Ushr Ordinance, 1980, no deduction of Zakat at source shall be made if the balance in the specified accounts is less than Rs 135,179.
The first day of Ramazan has been notified as the “deduction date”, when zakat will be collected from banks’ saving accounts, profit and loss-sharing accounts and other similar accounts, according to the notification.
The first of Ramadan is expected to fall on March 12, this year, subject to the appearance of the moon.
In a significant development ahead of Ramadan 2024, the government has declared the minimum Zakat Nisab. This announcement comes as a crucial step in facilitating the observance of one of the Five Pillars of Islam. The Zakat Nisab is the minimum amount of wealth a Muslim must have in order to be obligated to pay Zakat, a form of almsgiving to support those in need. Understanding the Zakat Nisab is fundamental for Muslims seeking to fulfill their religious duties and contribute to the well-being of the community. This welcome declaration will assist individuals in ascertaining whether they meet the requirement and how much they should contribute. It is essential for all eligible individuals to be aware of this threshold, as it plays a vital role in ensuring the equitable distribution of resources and support to those in need. As we approach Ramadan, it is important for Muslims to not only prepare spiritually, but also to familiarize themselves with these important guidelines. This announcement marks a significant milestone in the recognition and facilitation of religious practices within the broader framework of societal welfare and support.
Source: ARY NEWS
Zakat Nisab, announced by the government for the Zakat Year 1444-45 A.H, is set at Rs. 135,179. Savings and similar accounts with a balance below this amount will not have Zakat deducted at source. Banks will deduct 2.5% of the total amount in qualifying accounts. The first day of Ramadan, expected on March 12, will serve as the “deduction date.” This announcement aims to facilitate the collection of Zakat and aligns with the Zakat and Ushr Ordinance, 1980. The Ministry of Poverty Alleviation and Social Safety (PASS) has notified the new Nisab, ensuring compliance with Zakat regulations.
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