Islamabad: The Ministry of Poverty Alleviation and Social Safety has officially declared the Zakat nisab for the current year, setting the threshold for mandatory deductions from eligible bank accounts.
In a formal notification issued to all commercial banks, the ministry confirmed that Zakat will be deducted from accounts maintaining a minimum balance of Rs. 503,529. Account holders meeting or exceeding this amount will fall within the deduction criteria.
Authorities clarified that individuals who have not submitted a Zakat exemption or self-payment declaration to their respective banks will automatically have Zakat deducted at the prescribed rate. The process will follow the standard mechanism practiced each year.
Officials also announced that banks across the country will suspend regular public transactions on the first day of Ramadan. This temporary pause aims to ensure the smooth and accurate implementation of the Zakat deduction system.
The deduction will apply to savings accounts, profit-and-loss sharing accounts, and other eligible deposit categories. However, accounts that qualify for Shariah-compliant or legal exemptions will remain unaffected.
The annual announcement of the nisab plays a crucial role in organizing institutional Zakat collection. It helps streamline the process while ensuring compliance with established religious and financial guidelines.
Account holders are advised to review their balances and ensure that any necessary declarations are submitted in advance. This step can help avoid automatic deductions if they intend to distribute Zakat independently.
The ministry emphasized that the collected funds will support social welfare programs that assist underprivileged segments of society. Through this structured system, authorities aim to promote transparency and effective redistribution of wealth during Ramadan.
