KARACHI: The State Bank of Pakistan (SBP) sets minimum Nisab at Rs88,927 for Zakat deduction for this year.
According to the State Bank, the minimum Nisab for Zakat deduction has been fixed at Rs88,927.
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It is to be mentioned here that In Islam Nisab is the minimum amount of net capital, which a Muslim must have to be eligible to pay Zakat that is prescribed as the equivalent of 7.5 tola of gold and 52.5 tola of silver, respectively.
According to the announcement, on the first of Ramazan, the banks will deduct zakat on the amount more than Rs88,927.
The State Bank of Pakistan will be closed for public transactions on Monday, April 4. This day has been declared as bank holiday for deduction of Zakat.
According to the announcement, all banks/development financial institutions / microfinance banks will be closed for public transactions.
Last year, the ministry of religious affairs had fixed the Nisab-i-Zakat for the Islamic calendar at Rs80,933.
The Poverty Alleviation and Social Safety Division had issued a notification in this connection.
The notification says the Nisab-i-Zakat for the year has been fixed at Rs80,933.
It added that the Zakar will be deducted from the bank accounts on the first of Ramazan. It further said that all the banks will remain opened for public dealing on the first of Ramazan.
