Ramadan 2024: Minimum Nisab for Zakat fixed at Rs135,179
The first of Ramadan is expected to fall on March 12, this year, subject to the appearance of the moon.
The Ministry of Religious Affairs on Thursday announced the Nisab, or minimum amount of wealth liable to Zakat, for a deduction from bank accounts in the month of Ramadan 2024.
In Pakistan, the banks deduct zakat from the accounts of Muslim account holders on the first day of Ramadan each year, barring those who submit affidavits testifying that they will be paying the money themselves.
The banks will deduct Zakat for 1444-45 Hijri from accounts holding a minimum balance of Rs135,179 on the first day of Ramadan this year.
The ministry said Zakat will be applicable on the savings accounts/ profit and loss sharing (PLS) accounts having a balance of Rs135,179 or more.
Hence, the customers fulfilling the criteria would be liable to pay 2.5% in terms of Zakat on their total amount in the account.
Accounts with balances less than Rs135,179 on the 1st of Ramadan will be exempted from Zakat deduction, the ministry notified.
The ministry added that under the Zakat and Ushr Ordinance 1980, no Zakat would be deducted in case a bank account has a lesser amount than the value announced by the ministry.
“All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly,” it said.
How is Zakat calculated?
Nisab is the minimum amount of net capital that a Muslim must possess to be eligible to pay Zakat, which is prescribed as the equivalent of 87.48 grams (7.5 tola) of gold and 612.36 grams (52.5 tola) of silver, respectively.
