Zakat deduction on banks accounts fixed with Rs44,415

KARACHI - The government has decided that Rs44,415 will be considered as the minimum amount for Nisab of Zakat for 2019.

A notification, in this regard, has also been issued by the State Bank of Pakistan recently.

Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a balance of Rs44,415 or above, on the first of Ramazan.

However, no Zakat would be deducted on amounts less than Rs44,415.

Nisab is the minimum amount for a Muslim’s net worth to be so that they qualify for giving Zakat (a donation).

According to banks, the submission of ‘Zakat exemption’ farm time has passed now. So, those who do not want Zakat deduction from their accounts can approach his/her bank before 15th of Sha'aban next year.

Zakat to be automatically deducted from Bank accounts on first of Ramazan.

Earlier, the federal government had announced office timings for the holy month of Ramadan, expected to begin from Thursday, May 7.

A notification issued from the PM House said that Ramadan timings for the offices working five days a week would be 09:00 AM to 03:30 PM (from Monday to Thursday) while the schedule for offices running six days a week will be 09:00 AM to 02:00 PM (Monday to Thursday & Saturday).