March 07, 2024 (MLN): The Administrator General Zakat has notified the Nisab of Zakat for the upcoming Zakat year 1444-45 A.H, setting the minimum amount at Rs135,179/- (Rupees One Hundred Thirty-Five Thousand One Hundred Seventy-Nine only).
According to the Zakat and Ushr Ordinance of 1980, no deduction of Zakat at source shall be made if the account balance is less than this amount on the first day of Ramzan-ul-Mubarak, 1445 A.H.
The first day of Ramzan-ul-Mubarak has been officially notified as the "Deduction date", which is expected to fall on 12 or 13th March 2024 (subject to the appearance of the moon), for the deduction of Zakat from Saving Bank Accounts, Profit, and Loss Sharing Accounts, and other similar accounts having a credit balance of Rs135,179.
The Zakat Collection Controlling Agencies (ZCCAs) have been requested to deduct Zakat accordingly and to provide a copy of the return of Form CZ-08 (A&B) immediately after depositing Zakat in Central Zakat Account No.CZ-08 is being maintained with the State Bank of Pakistan.
Zakat is one of the five pillars of Islam and is obligatory for all Muslims who have accumulated wealth beyond a certain threshold.
The collection and distribution of Zakat are overseen by the Administrator General Zakat, who ensures that the funds are distributed to the needy and deserving members of society.
