Ramadan 2024: Minimum Nisab set at Rs135,179 for Zakat deduction

Customers who meet the requirements would thus be required to pay 2.5% in Zakat on the whole amount in their account

Business Desk - Mar 07, 2024

With only a few days left for Ramadan, the Ministry of Poverty Alleviation and Social Safety on Thursday fixed the Nisab for Zakat deduction for the ongoing year.

According to a notification issued by the ministry, Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a minimum balance of Rs135,179 or above, on the first of Ramadan.

Customers who meet the requirements would thus be required to pay 2.5% in Zakat on the whole amount in their account.

Accounts with balances less than Rs135,179 on the 1st of Ramadan will be exempted from Zakat deduction, the notification issued by the ministry read.

The ministry further mentioned that under the Zakat and Ushr Ordinance 1980, no Zakat would be deducted in case a bank account has a lesser amount than the value announced by the ministry.

"All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly," it read.

The first of Ramadan is expected to fall on March 12 (Tuesday), this year, subject to the appearance of the moon.

Those who do not want a Zakat deduction from their accounts can submit a "Zakat exemption" form to their respective banks.

The mounting Nisab for Zakat every year also indicates the rising inflation in the country let’s take a look at the Zakat Nisab in last four years: