ISLAMABAD – Pakistani government has announced the Nisab, the minimum amount in bank accounts for zakat deduction, at Rs103,159.
The Poverty Alleviation and Social Safety Division issued a notification, in which the ‘Nisab for Zakat’ has been set at Rs 103,159 for the current year, allowing the banks to deduct the Zakat at source from the saving as well as profit and loss sharing accounts having cash up to the fixed Nisab on first of Ramadan.
It stated that people maintaining a minimum of Rupees one lac three thousand balance on the first day of Ramadan would be liable to pay 2.5 percent Zakat on the first day of the Holy Month.
The zakat amount will be deducted in savings, profit and loss sharing, or similar bank accounts having a minimum balance equivalent to Nisab while no deduction of Zakat shall be made in case of the current accounts, or the amount in the account lesser than the value announced by the government.
Let it be known that Nisab has jacked up by Rs14,073 from the last year. For the unversed, the collected amount on account of zakat is distributed among the needy and poor patients across the country.