Nisab set at Rs 135,179 for Zakat deduction

The government has announced the Nisab-i-Zakat for the Year 1444-45 A.H. to facilitate Zakat collection and distribution in accordance with Islamic principles.

The Ministry of Poverty Alleviation and Social Safety (PASS) notified the new Nisab at Rs. 135,179.

According to the notification, the Zakat would be deduced from Saving Bank Accounts, Profit and Loss Sharing Accounts, and other similar accounts.

According to the Zakat and Ushr Ordinance, 1980, no deduction of Zakat at source shall be made if the balance in the specified accounts is less than Rs 135,179 on the first day of Ramazan-ul-Mubarak, 1445 A.H.

The ‘Deduction Date’ for Zakat, likely to fall on 12th or 13th March 2024, subject to the sighting of the moon.

On this day, Zakat will be deducted from accounts holding a credit balance equal to or exceeding Rs 135,179.