The Nisab for the Zakat deduction for the current year has been set by the Ministry of Poverty Alleviation and Social Safety.
A notice from the ministry states that on the first of Ramadan, zakat will be taken from savings accounts, profit-sharing accounts, and other similar accounts with a minimum balance of Rs103,159 or more.
The Nisab’s price was set at Rs88,927 the year before.
According to the Zakat and Ushr Ordinance 1980, no zakat would be collected if a bank account had a balance that was less than the amount specified by the ministry, according to the statement.
Hence, “all Zakat Collecting Controlling Agencies (ZCCAs) are asked to deduct the Zakat,” it stated.
Depending on how the moon behaves, the first of Ramadan this year is expected to happen on March 23.
One of the five pillars of Islam, Zakat, requires that one’s wealth exceed a certain amount, known as the “Nisab,” in order to be responsible.
Anyone can submit a “Zakat exemption” form to their individual banks if they do not want Zakat to be deducted from their accounts.