Nisab for Ramadan, According to the Ministry of Poverty Alleviation and Social Security, on the first day of Ramadan this year, banks will deduct Zakat for 1444-45 Hijri from accounts having a minimum Nisab for Ramadan 2024 set at Rs135,179 with the Islamic law.
Nisab was fixed for Zakat in 2024 by the ministry, and the ministry announced that it would apply to all savings accounts and profit and loss sharing (PLS) accounts with a balance of at least Rs135,179 or more. The customers who comply with the requirements will be required to pay 2.5% in Zakat on the entire amount in their account if they meet the requirements.
A notification issued by the Ministry of Finance informs us that accounts with a balance less than Rs135,179 on the 1st of Ramadan will not be subject to Zakat deductions.
Under the Zakat and Ushr Ordinance 1980, the ministry has stated that if a bank account contains less than the amount announced by the ministry, no Zakat will be deducted from the account.
As a result, the Zakat Collection Controlling Agencies (ZCCAs) are hereby requested to deduct the Zakat following the law.
Depending on the moon’s appearance, the first day of Ramadan is expected to fall on March 12, this year.
It is one of the five pillars of Islam, and one of the requirements for a person to be able to pay Zakat is to have an amount of wealth over a threshold amount known as the Nisab. Banks can provide the “Zakat exemption” form to their respective customers who do not wish to have Zakat deducted from their accounts.
In addition to the rising Nisab for Zakat every year, it also shows the rising inflation in the country as the Nisab for Zakat was around Rs46,000 in 2020, about Rs80,900 in 2021, more than Rs88,900 in 2022, and more than Rs103,000 in 2023, last year. The Nisab’s market share has more than tripled in just five years.
Timenews1 provides that news.
+ There are no comments
Add yours