In a recent development, the government has established the Nisab for Zakat at Rs135,179 for the Islamic year 1444-45 A.H. This significant amount will be subject to deduction from savings bank accounts, profit and loss sharing accounts, and similar financial holdings. The anticipated “deduction date” is expected to fall around March 12 or 13, contingent on the sighting of the moon.
The Ministry of Poverty Alleviation and Social Security has formally communicated this decision to the State Bank of Pakistan (SBP) and Zakat Collection Controlling Agencies through an official notification. According to the provided guidelines, if the account balance is less than Rs135,179 on the first day of Ramadan, Zakat will not be deducted at source.
Nisab for Zakat and Ramadan
The commencement of Ramadan has been specified as the deduction date for Zakat from accounts holding a credit balance of Rs135,179. The Zakat Collection Controlling Agencies will carry out the deduction and subsequently furnish a return form to the ministry, depositing the Zakat in the Central Zakat Account maintained with the SBP.
It is noteworthy that in preceding years, the Nisab for Zakat stood at Rs103,159 for the year 1443-44 A.H and Rs88,927 for the year prior to that. This adjustment in the Nisab reflects the government’s commitment to aligning Zakat contributions with the economic landscape and ensuring equitable distribution for societal welfare.
