Government notifies Nisab for Zakat for the current year

The Federal government has fixed Nisab for Zakat deduction on bank accounts for the current lunar year at Rs 80,933.

According to the details, the government has also issued a notification in this regard.

As per the notification issued by the Administrator General Zakat for the lunar year 1441-42 Hijri, people having a minimum of Rs 80,933 balance in savings, profit and loss sharing or similar bank accounts on the first day of Ramazan will be liable to pay 2.5 per cent Zakat on the total balance.

Zakat is an obligatory charity for all eligible Muslims and is based on the current nisab values. These values can change year to year.

Earlier Chaudhry Fawad Hussain, Pakistan’s Federal Minister for Science and Technology, said the holy month of Ramadan is likely to commence in the South Asian country from April 14.

The minister said that the Ramadan crescent would most likely be visible on April 13 in Lahore, Islamabad, Peshawar, and other Pakistani cities.

Pakistan’s Ministry of Science and Technology also tweeted, “The moon of Ramzan, 1442 AH will be sighted on the evening of April 13, 2021, and the first Ramadan will be on April 14, 2021 (Insha’Allah). The moon will be clearly sighted in Islamabad, Lahore, Peshawar, and Karachi.”