SBP issues Nisab for Zakat deduction on bank accounts

The State Bank of Pakistan has issued the laws regarding Zakat deduction in Ramadan.

SBP has stated Zakat deduction. As per the statement, Zakat will be deducted from the savings account having an amount of Rs 46,329 or more.

Poverty Alleviation and Social Division issued a notification in which it was mentioned that no Zakat deduction will be carried out in case “the amount standing to the credit of an account in respect of the assets mentioned in column 2 Serial No.1 of the first schedule of Zakat and Ushr Ordinance, 1980 is less than Rs46,329…. on the first day of Ramzan-ul-Mubarak, 1441 A.H.”

The deduction will be carried out on the first day of Ramadan.

The statement has been issued to all banks to regulate the Nisab for Zakat deduction from the first of Ramadan.

The deduction will be made according to which 2.5 percent Zakat will be deducted from savings account, profit, and loss sharing accounts. However, the rule will not be implemented on current and foreign currency accounts.

Zakat calculations & laws-complete guide

Zakat is the fourth pillar of Islam. Zakat is the purification of the wealth you possess. The purpose of almsgiving is to help the needy with suitable Zakat calculations from all the assets. 

Zakat is given in the Holy month of Ramadan, the month in which we do not only purify our souls but also purify our wealth.

As the holy month of Ramadan is near, people have concerns about how the Zakat should be paid this year.