Banks to deduct Zakat today

KARACHI: The State Bank of Pakistan will remain closed for public dealings on 1st Ramazan-ul-Mubarak 1439 A.H.(today), which being observed as ‘Bank Holiday’ for the purpose of deduction of Zakat.

All banks/Development Finance Institutions (DFIs)/Mircofinance Bank (MFBs) shall, therefore, remain closed for public dealing on 1st Ramadan-ul-Mubarak 1439 A.H. However, all employees of the banks/DFIs/MFBs will attend the office on Bank Holiday treating it as normal working day (except for public dealings).

Meanwhile, the Nisab for Zakat has been fixed at Rs39,198 for lunar year 1438-39 A.H. a notification issued by the Ministry of Religious Affairs & Interfaith Harmony had said.

No deduction of Zakat at source shall be made in case the amount in the account will be lesser than the value defined above.

The banks deduct 2.5 per cent of Zakat, from Saving, Profit and Loss Sharing and other similar accounts, on 1st of Ramazan in each lunar year.