The Pakistani government has announced the “Nisab-i-Zakat” for the upcoming holy month of Ramadan. This figure sets the minimum amount of money in a bank account that requires the payment of zakat, a charitable donation.

Important Details about the Zakat

• Minimum Threshold for Zakat: Accounts holding at least Rs. 135,179 will be subject to zakat. This threshold, known as the “Nisab-i-Zakat,” ensures that only individuals with a certain level of wealth are obligated to contribute.
• Zakat Calculation: Banks will automatically deduct 2.5% from qualifying accounts, which typically include savings accounts, profit-sharing accounts, and similar accounts.
• Exemption for Smaller Accounts: Accounts with balances below Rs. 135,179 are considered exempt from zakat deductions. This exemption helps ensure that individuals with limited means are not burdened by this religious obligation.
• Zakat Collection Date: Zakat deductions will occur on the first day of Ramadan, which is expected to fall on March 12th, but the exact date will be confirmed based on the sighting of the crescent moon

Understanding Zakat

Zakat is a key principle of Islam, it’s an act of giving to help the less fortunate. During Ramadan, eligible Muslims donate a portion of their wealth to support those in need. This practice promotes both spiritual growth and social justice.