Nisab for Zakat – Navigating Financial Guidelines – Insights into the Latest Determination Affecting Zakat Contributions in the Holy Month” The Ministry of Poverty Alleviation and Social Safety has changed the Nisab to reflect zakat deduction during the current year.
In a notice released by the ministry, Zakat is to be deducted from savings accounts, profits and losses sharing accounts and other accounts similar to them that have an initial balance of Rs103,159 or more on the first day of Ramadan.
Nisab was fixed at Rs88,927 in the previous year. Nisab has been set at Rs88,927 during the prior year.
In the Zakat and Ushr Ordinance, 1980, the Zakat will not be taken out if the bank account is in less amount than that declared by the ministry, stated the statement.
“All of the Zakat collection control agencies (ZCCAs) are asked to take the Zakat by the Zakat,” it said.
The first day of Ramadan will likely occur on March 23 this year, depending on the lunar appearance.
To be considered liable to pay Zakat — an element of the five foundations of Islam The wealth of an individual must exceed the threshold, also known as “Nisab”
If you do not want Zakat withdrawal from their accounts, you may complete a “Zakat exception” application to their banks.
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