Karachi: The Ministry of Poverty Alleviation and Social Protection has set the nisab for Zakat for this year.
The Administrator General of Zakat has set the nisab for Zakat this year at Rs503,529.
The notification clarifies that if the amount in any account on the 1st of Ramazan is less than Rs503,529, no Zakat will be deducted from it.
The notification states that Zakat will be deducted from all savings accounts and profit-and-loss sharing accounts on the 1st of Ramazan al-Mubarak, and the amount deducted for Zakat will be deposited into the Central Zakat Account at the State Bank.
It is clarified that all financial institutions will remain closed to the public on the 1st of Ramazan.
