SBP fixed Nisab for Zakat deduction on bank accounts for the present year

SBP fixed Nisab for Zakat deduction on bank accounts for the present year

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KARACHI: The State Bank of Pakistan (SBP) has fixed the Nisab for Zakat deduction on bank accounts at Rs39,198 for the ongoing year.

According to a statement issued by the Ministry of Religious Affairs and Interfaith Harmony on Monday, Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a balance of Rs39,198 or above, on the first of Ramadan.

Under the Zakat and Ushr Ordinance 1980, no Zakat would be deducted in case a bank account has less than Rs39,198, the statement read.

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The first of Ramazan will be on May 17 or 18 this year, subject to appearance of the moon.

To be liable for Zakat – which is one of the five pillars of Islam – one’s wealth must amount to more than a threshold figure, termed the ‘Nisab’.

Those who do not want Zakat deduction from their accounts can submit a ‘Zakat exemption’ form in their respective banks.

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