State Bank sets Nisab of Zakat at Rs. 39,198

The government has announced Zakat deduction accounts from savings and profit and loss accounts effective first of Ramzan, said a circular of State Bank of Pakistan.

State Bank of Pakistan said following the approval of the Ministry of Religious Affairs Nisab for Zakat has been set Rs. 39,198, this means if the amount is above the set amount of Rs. 39,198 Zakat would be deducted from the account holder.

Deduction of Zakat would fall on either 17th May or 18th May which would be the first day of the Holy month of Ramdan.

Zakat Nisab set at Rs. 39,198 on each account holder for the Zakat year 1438 – 39.

Last year, government had set the Zakat Nisab at Rs. 38,406 for the zakat year 1437-38 which was to applied on Saving Accounts.