Islamabad: State Bank of Pakistan has set the zakat curriculum for this year at Rs 46,329. The State Bank sets the curriculum for zakat deduction. Zakat will be deducted from accounts and savings accounts that are opened on a partnership basis.
State Bank of Pakistan (SBP)Zakat Nisab in Pakistan
According to a statement issued by the State Bank, the zakat curriculum has been set at Rs 46,329 for this year, and in light of the prescribed curriculum, the State Bank of Pakistan instructed all banks to deduct Ramadan from their savings accounts.
Zakat Nisab 1441/2020 in Pakistan
As per the prescribed syllabus, all the public and non-public banks of the country will have to pay Rs. 46,329 or more in the savings accounts of their accountants. Accounts and savings accounts that are opened on a base basis will be deducted.
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 1441/2020
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.
Ministry of Religious Affairs and Interfaith Harmony Notification about Nisab for Zakat