State Bank of Pakistan Zakat Nisab in Pakistan

KARACHI: State Bank of Pakistan has fixed the zakat syllabus for Hijri year 1445-46. Zakat will be deducted from those who have at least one lakh 35 thousand 179 rupees in bank accounts and deposits, users with less than this amount will be exempted from zakat deduction.

State Bank of Pakistan Zakat Nisab in Pakistan

The State Bank has issued instructions to the banks for deduction according to which Zakat will be deducted on the 1st of Ramadan. This deduction will be applied to savings accounts and deposits opened on profit and loss basis, while zakat will not be deducted from current accounts.

state bank Zakat Nisab 1441/2020 in Pakistan

Zakat Nisab 1445/2024 in Pakistan

As per the prescribed syllabus, all the public and non-public banks of the country will have to pay Rs. 80,933 or more in the savings accounts of their accountants. Accounts and savings accounts that are opened on a base basis will be deducted. zakat updation timeline by sbp. According to the notification issued by the Poverty Alleviation and Social Protection Division, the amount of Zakat this year will be Rs 135,179. Zakat will be deducted from bank accounts on the first of Ramadan. The SBP said, however, that all employees of banks, development financial institutions, microfinance banks would be present at the offices for work as usual and only public transactions would be closed.

 

To be liable for Zakat – which is one of the five pillars of Islam – one’s wealth must amount to more than a threshold figure, which is called ‘Nisab’. Those who do not want Zakat deduction from their accounts had until 15th of Sha’aban to submit a ‘Zakat exemption’ form in their respective banks. The Nisab for Zakat is calculated to be equal to 52 tola price of silver (or 606.32 grams). The together amount of zakat is distributed between needy people, including hospital patients.

Nisab for Zakat for the Zakat year 1445/2024

It should be noted that a few days before the arrival of Ramadan every year, the zakat is fixed by the State Bank. Zakat is deducted, then the amount is deposited in the Central Bait-ul-Maal, but certain accounts are exempt from this deduction.zakat updation timeline by sbp.

Ministry of Religious Affairs and Interfaith Harmony Notification about Nisab for Zakat. Under the prescribed syllabus, if there is an amount of Rs. 135,179 or more in the savings accounts of the account holders of all government and non-government banks across the country, then the amount of Zakat will be deducted from their accounts. Will be deducted from the accounts and savings accounts opened on the basis.

Every year, a few days before the arrival of Ramadan, a Zakat syllabus is set at the official level, under which all domestic and foreign banks across the country deduct Zakat from savings accounts by suspending services to the public on the first of Ramadan. This amount is then deposited in the Central Treasury, however, certain accounts are exempt from this deduction.

 

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Fahad Munir

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