The State Bank of Pakistan on Monday fixed the Zakat Nisab for this year at Rs 46,329.
The Federal Cabinet Secretariat’s Poverty Alleviation and Social Security Division on Monday reported a minimum amount of Rs 46,329 in bank accounts for Nisab’s deduction for Zikat
On Ramadans first day, banks will deduct 2.5% zakat on savings, profit and loss share. Bank accounts that have a minimum balance equivalent to Nisab would also apply with a similar ratio.
As per cabinet notification available on the State Bank of Pakistan (SBP) website, the first day of Ramadan will be subject to the moon’s appearance on April 24 or 25. People having less balance than 1 Nisab or those who have submitted an affidavit for zakat exemption or those who are holding current accounts pay zakat pay on their bank accounts are not obligated to do.
The zakat is calculated as per the prices of gold and silver. This year, it raised by Rs 1,914 due to rise in gold and silver prices. Last year the Nisab was fixed at Rs 44,415.
In Islamic calendar, Ramadan has great significance. Majority of people prefer to pay Zakat in this month. You can also check the Ramadan 2020 Calendar of Pakistani cities including Lahore, Karachi, Islamabad, Peshawar, Quetta, Faisalabad, Multan, Hyderabad, Sialkot, and Gujranwala.