Nisab for Zakat deduction on bank accounts fixed at Rs39,198

Nisab for Zakat deduction on bank accounts fixed at Rs39,198

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KARACHI: The State Financial institution of Pakistan (SBP) has fastened the Nisab for Zakat deduction on financial institution accounts at Rs39,198 for the continued 12 months.

In accordance with an announcement issued by the Ministry of Spiritual Affairs and Interfaith Concord on Monday, Zakat shall be deducted from saving accounts, revenue and loss sharing accounts and different comparable accounts having a stability of Rs39,198 or above, on the primary of Ramazan.

Below the Zakat and Ushr Ordinance 1980, no Zakat could be deducted in case a checking account has lower than Rs39,198, the assertion added.

The primary of Ramazan shall be on Might 17 or 18 this 12 months, topic to look of the moon.

Those that don’t want Zakat deduction from their accounts can submit a ‘Zakat exemption’ type of their respective banks.

INP

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