ISLAMABAD: State Bank of Pakistan has announced that the federal government has set the ‘Nisab for Zakat’ at Rs 46,329.
According to a notification, “No deduction of Zakat at source shall be made in case the amount standing to the credit of an account is less than Rs46,329 on the first day of Ramzan ul Mubarak.”
The statement said, “First day of Ramzan has already been notified as to the deduction date likely to fall on April 24 or 25, 2020 (subject to appearance of the moon).”
“The Zakat will be deducted from Saving Bank Accounts, Profit and Loss Sharing Accounts and other similar accounts having a credit balance of Rs.46,329.00,” the statement read.
The statement further said, “All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly.”
To be liable for Zakat – which is one of the five pillars of Islam – one’s wealth must amount to more than a threshold figure, termed the ‘Nisab’.
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