The Administrator General Zakat has announced the Zakat Nisab in Pakistan at Rs. 135,179 for the Zakat year 1444-45 AH, according to a notification issued by the Ministry of Poverty Alleviation & Social Safety.
According to the Zakat and Ushr Ordinance, 1980, no Zakat deduction will be made at source if the amount in an account is less than this specified amount, i.e., Rs. 135,179 on the first day of Ramzan-ul-Mubarak 1445 AH.
The notification states that the first day of Ramzan has been designated as the ‘deduction date,’ expected to occur on the 12th or 13th of March 2024, for the deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts, and similar accounts with a credit balance of Rs. 135,179. However, current accounts in banks are exempted from this deduction.
Banks and financial institutions will deduct Zakat at a rate of 2.5 percent from amounts exceeding the mentioned Nisab on the first day of the holy month of Ramzan.
Zakat applies to savings accounts and products maintained by banks, asset management companies, and other financial entities. Customers who have submitted Zakat exemption certificates will not undergo any deductions.
This year, the Nisab amount has increased from the previous year’s value of Rs. 103,159 in Pakistan.
