KARACHI – The State Bank of Pakistan has fixed Nisab for deduction of Zakat from specific bank accounts at Rs.38,406 for the year 1437-38 A.H.

The Zakat will be deducted from Saving Bank Accounts, Profit and Loss Sharing Account and other similar accounts having a credit balance of Rs 38,406 and above.

According to Ministry of Religious Affairs and Interfaith Harmony, no deduction of Zakat at sources will be made, in case the amount standing to the credit of an account in respect if assets mentioned are less than Rs 38,406 (thirty-eight thousand four hundred six rupees only) on the first day of Ramzan-ul-Mubarak 1438 A.H.

This year the Zakat Nisab has been increased by some 8 percent because of a surge in gold and silver prices. “Nisab of Zakat” for this year is some Rs 2,849 higher than the previous year (2016), in which banks deducted Zakat at minimum deposits of Rs 35,557.

The ministry has also notified first day of Ramazan as the “deduction date”. Directives have been issued to the banks across the country to deduct the Zakat and it is likely that the banks would remain closed for public dealing on 1st Ramazaan for this purpose.