Pakistani government announced Zakat Nisab for Ramadan 2024

Pakistani government announced Zakat Nisab

Pakistani government announced Zakat Nisab for Ramadan 2024

The Pakistani government has announced Nisab for the Zakat year 1444-45 AH for Ramadan 2024 which will begin in two-three days. The Ministry of Poverty Alleviation and Social Safety published a notification about Zakat Nisab.

Zakat is one of the five pillars of Islam. Wealthy Muslims must pay a certain amount (Zakat) to deserving people in society. Islam introduced this system to ensure equal distribution of wealth among every citizen.

So, one’s wealth must be more than a certain amount to be responsible for Zakat. This certain amount refers to the “Zakat Nisab.” Hence, the heads of Muslim states every year designate specific Zakat Nisab for the holy month of Ramadan.

According to the notification, the Administrator General Zakat has set Pakistan’s Nisab of Zakat at Rs.135,170 for the Zakat Year 1444-45 AH.

Hence, No Zakat will be deducted at the source if the amount standing to the credit of an account on the first day of Ramadan-ul-Mubarak 1445AH is less than this amount of Rs. 135,179. It implies under the Zakat and Ushr Ordinance, 1980.

According to the announcement, the first day of Ramadan has already been designated as the “deduction day” for Zakat deduction from the following:

  • Saving Bank Accounts
  • Profit and Loss-Sharing Accounts

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On the first day of the holy month of Ramzan, banks and financial institutions will deduct 2.5 percent Zakat from amounts over the specified Nisab.

However, Zakat applies to savings accounts and items offered by banks, asset management firms, and other financial institutions. Meanwhile, clients who filed Zakat exemption certificates would not face any deductions.

Pakistani government announced Zakat Nisab at Rs. 103,159 the previous year. Hence, the increase in Nisab for Zakat every year shows the rising inflation in the country. When Zakat Nisab was around Rs. 46,000 in 2020. However, Zakat Nisab was Rs. 80,900 in 2021 and Rs. 88,900 in 2022.

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