ISLAMABAD (Web Desk) – The Ministry of Poverty Alleviation and Social Safety has issued the Zakat nisab for the current year, fixing the minimum bank balance threshold at Rs503,529.
According to an official communication released in Islamabad, Zakat will be deducted from bank accounts maintaining the specified minimum balance or above.
The ministry has instructed banks to ensure Zakat deduction from accounts of customers who have not submitted Zakat exemption declarations. The deduction will be carried out as per the notified rate.
Banks will remain closed for public dealing on the first day of Ramadan to complete the Zakat deduction process.
Officials added that the deduction will apply to savings, profit and loss sharing, and other applicable accounts, while accounts having Shariah or legal exemptions will remain excluded.
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Zakat Pakistan, Bank Zakat deduction, Ramadan Pakistan, Pakistan banking sector, Islamic finance Pakistan, Nisab announcement, Ministry Poverty Alleviation Pakistan
