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Nisab for Zakat deduction on bank accounts fixed at Rs44,415

Nisab for Zakat deduction on bank accounts fixed at Rs44,415

KARACHI: The State Bank of Pakistan has fixed the Nisab for Zakat deduction on bank accounts at Rs44,415 for the ongoing year.

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

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, which is called ‘Nisab’.

Those who do not want Zakat deduction from their accounts had until 15th of Sha’aban to submit a ‘Zakat exemption’ form in their respective banks.