Zakat Nisab Revealed 2024. Zakat, one of the five pillars of Islam and a religious obligation, applies to profit and loss sharing (PLS) and savings accounts with a minimum balance of Rs135,179. Account holders meeting this requirement must pay 2.5% of their entire account balance in Zakat.
Zakat Nisab for Ramadan 2024 in Pakistan: Check details
The government has set the Nisab for Zakat for the year 1444-45 A.H at Rs135,179 for deduction from savings bank accounts, profit and loss sharing accounts, and similar accounts. The deduction date is expected to fall on March 12 or 13, subject to the appearance of the moon, for Zakat deduction.
Pakistan’s ministry releases Zakat threshold for 2024
The Ministry of Poverty Alleviation and Social Security announced the Zakat Nisab 2024, stating that banks will deduct Zakat from accounts with a minimum balance of Rs135,179 on the first day of Ramadan. A notification dated March 06, 2024, was issued to the State Bank of Pakistan (SBP) and Zakat Collection Controlling Agencies in this regard.
Ramazan 2024: minimum Nisab fixed at Rs135,179 for Zakat
The system operates in accordance with the teachings of Islam, aiming to reduce poverty in the country. Accounts with a balance of less than Rs135,179 on the first day of Ramadan will not have their Zakat deducted. Zakat Nisab Revealed 2024, The Administrator General Zakat has notified the Nisab of Zakat for the Zakat year 1444-45 A.H at Rs135,179.
Zakat Nisab for Ramadan 2024 in Pakistan
According to the Zakat and Ushr Ordinance of 1980, no Zakat will be withheld if a bank account has less than the declared amount. Zakat Collection Controlling Agencies (ZCCAs) are directed to deduct the appropriate amount of Zakat. March 12 is anticipated to be the first day of Ramadan, contingent upon the sighting of the moon.
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Account holders can submit a “Zakat exemption” form to their banks to avoid Zakat deductions. The annual increase in Zakat Nisab reflects the nation’s rising inflation, with the Nisab increasing significantly over the past five years, reaching Rs135,179 in 2024, more than three times the amount in 2018.