Zakat deduction: SBP fixes Nisab at Rs44,415

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KARACHI: As the holy month of Ramadan is about to begin, the State Bank of Pakistan has fixed the Nisab for Zakat deduction on bank accounts at Rs44,415 for the current year.

According to details, Zakat deductions will take place from saving accounts, profit and loss sharing accounts and other similar accounts that are maintaining a balance of Rs44,415 or above.

The deductions by the country’s central bank will be witnessed on the first of Ramazan.

It is pertinent to mention that the accounts which does not fall under the minimum prescribed amount category will not be charged with any deductions.

Zakat is one of the five pillars of Islam and coming into the eligibility criteria of that one’s wealth any individuals amount should exceed the threshold figure i.e ‘Nisab’.