The Ministry of Religious Affairs has announced the Nisab, or minimum amount of wealth liable to Zakat, for a deduction from bank accounts in the month of Ramadan 2024.
Zakat is the essential third pillar of Islam which serves to cleanse the wealth accumulated by the rich every year to distribute the money among the needy people. It signifies the responsibility the rich have towards the poor in a Muslim society.
For Zakat Muslims pay a certain amount (2.5%) from their wealth, resources, or other properties.
Banks in Pakistan deduct zakat from the accounts of Muslim account holders on the first day of Ramadan, barring those who submit affidavit testifying that they will be paying the money themselves.
The first day of Ramadan is likely on March 12 this year in Pakistan. The Ministry of Religious Affairs announced that Nisab for Ramadan 2024 is Rs135,179.
There will be a deduction of Zakat from bank accounts that have deposits higher than this threshold.
