The Administrator General Zakat has officially notified the Nisab of Zakat in Pakistan for the Zakat year 1445-46 AH, setting it at Rs. 179,689, according to a notification issued by the Ministry of Poverty Alleviation & Social Safety.
Zakat Deduction Date and Eligibility
According to the notification, no Zakat deduction at source shall be made if the credit balance in a bank account is below Rs. 179,689 on the first day of Ramzan-ul-Mubarak, 1446 AH.
The deduction date for Zakat has been set for the first day of Ramzan, which is expected to fall on March 1 or March 2, 2025, depending on the moon sighting. On this date, Zakat will be deducted from the following types of bank accounts:
- Savings Accounts
- Profit and Loss Sharing (PLS) Accounts
- Other similar accounts with a balance above the Nisab threshold
What is Nisab of Zakat?
The Nisab of Zakat is the minimum amount of wealth a Muslim must have before being liable to pay 2.5% Zakat on savings and assets. This threshold is determined annually based on the market value of 52.5 tolas (7.5 tolas) of silver.
Zakat Deduction and Exemptions
Banks and financial institutions will automatically deduct Zakat from eligible accounts if the balance is above Rs. 179,689 on the deduction date. However, individuals who do not wish to have Zakat deducted at source can submit an exemption declaration to their respective banks before the deadline.
The Nisab of Zakat 2025 plays a crucial role in ensuring that eligible individuals contribute to the welfare system in Pakistan. As the deduction date approaches, account holders should check their balances and submit Zakat exemption declarations if required.
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