Pakistan

State Bank of Pakistan fixes Nisab at Rs 33,641

KARACHI: State Bank of Pakistan has announced Nisab for the deduction of Zakat from bank accounts on the first day of the holy month of Ramazan, ARY News reported on Tuesday.

The central bank has fixed the Nisab at Rs 33,641.

The banks will deduct 2.5 percent Zakat on first of Ramazan from saving accounts having balance above the fixed amount of the Nisab.

The branches of commercial banks will remain closed for public dealing on first of Ramazan for the purpose of deduction of Zakat.

The amount deducted from the accounts will be deposited in the Baitulmaal, which uses the money for charity purpose.

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