Zakat will be subtracted from saving accounts, profit and loss sharing accounts and other analogous accounts on first of Ramadan The Ministry of Poverty Alleviation and Social Safety has fixed the Nisab for Zakat deduction for the ongoing time. According to a announcement issued by the ministry, Zakat will be subtracted from saving accounts, profit and loss sharing accounts and other analogous accounts having a minimal balance of Rs,159 or over, on the first of Ramadan.

Nisab

The Nisab was fixed at Rs,927 in the former time Under the Zakat and Ushr Ordinance 1980, no Zakat would be subtracted in case a bank account has a lower quantum than the value blazoned by the ministry, added the statement. ” All the Zakat Collection Controlling Agencies( ZCCAs) are requested to abate the Zakat consequently,” it said.

Ramadan 2023

The first of Ramadan will probably fall on March 23, this time, subject to the appearance of the moon. To be liable for Zakat which is one of the five pillars of Islam — one’s wealth must amount to further than a threshold figure, nominated the” Nisab”. Those who don’t want Zakat deduction from their accounts can submit a” Zakat impunity” form to their separate banks.