The Ministry of Religious Affairs in Pakistan has officially declared the minimum limit for Zakat deduction, a significant move in preparation for Ramadan 2024.
In a recent announcement, the Pakistani government has specified the minimum amount eligible for Zakat deduction or voluntary contributions from bank accounts during the holy month of Ramadan. This strategic decision aims to streamline the process of wealth distribution among the affluent and the less fortunate, aligning with the principles of Islam.
Zakat – A Pillar of Islam:
Zakat, the third pillar of Islam, plays a crucial role in purifying accumulated wealth and ensuring its equitable distribution. Muslims are obligated to contribute 2.5% of their wealth, assets, or properties annually, emphasizing the responsibility of the affluent towards the economically disadvantaged in society.
Bank Accounts and Zakat Deduction:
Starting from the first day of Ramadan, banks in Pakistan will automatically deduct Zakat from the accounts of Muslim accountholders. However, individuals have the option to declare under oath that they will personally take responsibility for paying the Zakat amount, exempting them from automatic bank deductions.
Ramadan 2024 Threshold Announcement:
The Ministry of Religious Affairs has set the Zakat deduction threshold for bank accounts at PKR 135,179 for Ramadan 2024. This threshold marks the minimum amount in an account to trigger the automatic Zakat deduction process.
With the official announcement of the minimum Zakat threshold, the Pakistani government aims to facilitate a smoother and more organized Zakat deduction process during Ramadan 2024, adhering to the principles of social justice and economic responsibility embedded in Islamic teachings.
