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ISLAMABAD: The Ministry of Religious Affairs has declared the Nisab, the minimum amount of wealth subject to Zakat, for deduction from bank accounts during Ramadan 2024.
Zakat, a fundamental pillar of Islam, aims to purify the wealth amassed by the affluent each year, redistributing it to those in need. It underscores the obligation of the wealthy towards the less fortunate in Muslim communities.
Muslims contribute a specified portion (2.5%) of their wealth, assets, or other possessions towards Zakat.
In Pakistan, banks automatically deduct Zakat from the accounts of Muslim depositors on the onset of Ramadan, except for those who provide an affidavit affirming their intent to make the payment independently.
Ramadan is expected to commence on March 12 this year in Pakistan.
The Ministry of Religious Affairs has set the Nisab for Ramadan 2024 at Rs135,179.
Zakat will be deducted from accounts holding deposits surpassing this threshold.
