Zakat Nisab: SBP Set Zakat Deduction On Bank Accounts at Rs 39,198


Karachi: State Bank Of Pakistan (SBP) set Rs 39,198 as a Zakat Nisab.

Rs 39,198 is a current Zakat Nisab and all Zakat deductions on bank accounts will be made on the said amount or over. Ministry of Religious Affairs and Interfaith Harmony released a statement that Zakat will be withdrawn on 1st Ramadan. It will be deducted from profit and loss sharing accounts, savings accounts and other related accounts. However, the account’s balance should be Rs 39,198 or more. According to the Zakat and Ushr Ordinance 1980, Zakat deduction is just possible on the Zakat Nisab of Rs 39,198.

Zakat is among one of the main pillars of Islam. A person is liable for Zakat if his/her wealth is more than a certain amount, termed as Zakat Nisab. However, the submission of a Zakat exemption form prevents the Zakat deduction from the bank accounts.

The First Ramadan will be on 17 0r 18 May, subject to the moon’s visibility.

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