Zakat to be applicable on Rs 103,159 or above amount in Pakistan
ISLAMABAD: This time, the minimum amount for the deduction of Zakat is Rs 103,159 in Pakistan.
In 2022, the application of Nisab (Zakat) was deducted from minimum amount, Rs 88,927.
The Ministry of Poverty Alleviation and Social Safety today announced the Nisab for collection of Zakat on the 1st of Ramazan, starting from March 23.
Like the past, Zakat will be deducted at source _ from saving accounts, profit and loss sharing (PLS) accounts and other accounts, having at least Rs103,159 or above balance.
Every year, Zakat is deducted on the first day of the holy month of Ramazan. On this day, banks remain closed for public dealing with the aim to deduct Zakat.
According to the Ministry, “All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly.”
The first day of the fasting month is expected to start from March 23 (Thursday). This will be subjected to the moon sighting.
Importantly, Zakat is one of the five key pillars of Islam. Any individual’s wealth equal to or exceeding declared amount is the “Nisab”.
However, those who do not want Zakat deduction from their accounts can submit a “Zakat exemption” form to their respective banks before its deduction.
In Pakistan, the amount collected as Zakat is disbursed amongst the needy people in the country. The federal government has initiated different schemes, including cash payments for the poor people from the Zakat fund.
Meanwhile, the rich people, who have gold, jewelry, ornaments, real estates and multiple cars, they can pay Zakat according to their assets and income. Many people in Pakistan prefer to pay Zakat themselves to ensure the amount is reaching the deserving people.
