The government has fixed Nisab for Zakat for the year 1444-45 A.H at Rs135,179 for deduction from savings bank accounts, profit and loss sharing accounts and other similar accounts.

The “deduction date” is likely to fall on March 12 or 13 (subject to appearance of the moon) for deduction of Zakat.

In this regard, the Ministry of Poverty Alleviation and Social Security has issued a notification dated March 06, 2024 to the State Bank of Pakistan (SBP) and Zakat Collection Controlling Agencies.

According to the notification, the Administrator General Zakat has notified the “Nisab of Zakat” for the Zakat year 1444-45 A.H at Rs135,179.

“No deduction of Zakat at source shall be made, in case the amount standing to the credit of an account in respect of the assets mentioned in column 2 of Serial No.1 of the first schedule of Zakat and Ushr Ordinance 1980, is less than Rs135,179 on the first day of Ramazan-ul-Mubarak, 1445 AH.

“First Day of Ramazan-ul-Mubarak has already been notified as the ‘Deduction date’ (subject to appearance of the moon) for deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts and other similar accounts having a credit balance of Rs135,179.”

As per the notification, all the Zakat Collection Controlling Agencies (ZCCAs) would deduct the Zakat accordingly. “A copy of the return of Form CZ.-08(A&B) may please be provided to this Ministry immediately after depositing Zakat in Central Zakat Account No.CZ-08 being maintained with the SBP,” it added.

In 2023, the government fixed “Nisab of Zakat” for the Zakat year 1443-44 A.H at Rs103,159. In the previous year, the Poverty Alleviation and Social Safety Division set the ‘Nisab for Zakat’ at Rs88,927.