Nisab-i-Zakat for bank accounts fixed at Rs44,415

KARACHI: The Ministry of Religious Affairs and Interfaith Harmony has fixed Nisab for deduction of Zakat from the bank accounts for lunar year 1439-40 A.H at Rs44,415, ARY News reported on Friday.

The Nisab has been fixed on the basis of the value of 52.5 Tola silver.

This year the Zakat Nisab has been increased by 5217 rupees (around 14 percent) then the previous year because of surge in gold and silver prices.

The Nisab was fixed at Rs39,198 in the previous year.

No deduction of Zakat at source shall be made in case of the Current Accounts, or the amount in the account will be lesser than the value announced by the ministry.

The Nisab has been announced after consultation with concerned departments and institutions, a notification of religious ministry said.

The 2.5 per cent Zakat deduction, will be applied on Saving, Profit and Loss Sharing and other similar accounts carrying amount not lesser then Rs44,415.

However, the account holders, who have already submitted an affidavit, will be exempted from the deduction.

The deduction will be made on 1st of Ramazan, which is likely to fall on May 06 or 07 (subject to sighting of the moon).

State Bank of Pakistan has issued directives to all banks and other relevant institutions in this regard.