Islamabad: The Federal Ministry of Poverty Alleviation and Social Safety has announced the Nisab (minimum threshold) for Zakat deduction for the current year.
The Ministry has issued a circular to all banks stating that Zakat will be deducted from bank accounts if the balance reaches or exceeds Rs. 503,529.
According to the notification, deduction will be made at the prescribed rate from the accounts of those account holders who have not submitted a declaration to the bank opting out of compulsory Zakat deduction (i.e., those who have not filed a Zakat exemption/self-assessment form).
The circular further directs all banks to suspend regular public dealings on the 1st of Ramadan and ensure that the Zakat deduction process is completed on that day.
Officials clarified that the Zakat deduction will apply to Savings Accounts, Profit and Loss Sharing (PLS) Accounts, and other eligible accounts, while Shariah-compliant and legally exempt accounts will remain outside the scope of this deduction.
