ISLAMABAD – The government of Pakistan has fixed the Nisab for Zakat deduction on bank accounts at Rs103,159 for the year 2023.
A notification issued by the Poverty Alleviation and Social Division said Zakat will be deducted from saving accounts, profit and loss sharing accounts having a balance above Rs103,000, on the first of Ramadan.
As per the Zakat and Ushr Ordinance, no amount would be deducted in case a bank account has less than the amount set by the government.
Zakat is one of the basic Islamic pillars according to which one’s wealth must amount to more than a threshold figure, dubbed as ‘Nisab’. For those who do not wish to pay, banks offer Zakat exemption services for them.
Muslims across the globe are waiting for Ramadan which will likely fall on March 23 or 24, this year, subject to the appearance of the moon.
