ISLAMABAD – The public authority of Pakistan has fixed the Nisab for Zakat allowance on ledgers at Rs103,159 for the year 2023.
On the first of Ramadan, the Poverty Alleviation and Social Division announced that zakat would be deducted from savings accounts and profit and loss sharing accounts with a balance greater than Rs 103,000.
In accordance with the Zakat and Ushr Ordinance, if a bank account has less money than the amount set by the government, no money will be taken out.
One of the fundamental tenets of Islam, zakat stipulates that a person’s wealth must exceed a “Nisab” threshold. For the individuals who don’t wish to pay, banks offer Zakat exclusion administrations for them.
Muslims all over the world are anxiously awaiting Ramadan, which will most likely fall on March 23 or 24 this year, depending on how the moon looks Pakistan sets the minimum nisab for the 2023 Zakat deduction at Rs103,159..