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State Bank sets Zakat Nisab at Rs.39,198

The State Bank of Pakistan has fixed the Nisab for Zakat deduction on Bank Account for the ongoing Islamic year 1438-39 AH.

According to a notification of Ministry of Religious Affairs and Interfaith Harmony, Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having the credit balance of Rs.39,198 or above on first of Ramzan-ul-Mubarak.

The notification said that the banks must not deduct Zakat at source in case the balance amount is less than Rs.39,198 on the first day of Ramzan-ul-Mubarak.

Zakat will not be deducted from the current account holders and depositors of Zakat exemption declarations.

The banks will remain closed on first of Ramzan-ul-Mubarak likely to commence from May 17 or 18 this year, subject to the appearance of crescent, the notification added.

Story first published: 15th May 2018

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