Ramazan 2024: Minimum Nisab set at Rs135,179 for Zakat

With Ramazan just a few days away, the Ministry of Poverty Alleviation and Social Safety on Thursday announced the rate of Nisab for Zakat. 

According to a notification issued by the ministry, Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a minimum balance of Rs135,179 or above, on the first of Ramazan.

Under the Zakat and Ushr Ordinance 1980, no Zakat would be deducted in case a bank account has a lesser amount than the value announced by the ministry, the statement read. 

"All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly," it added.

The Nisab was fixed at Rs103,159 in the previous year.

However, the account holders, who have already submitted an affidavit, will be exempted from the Zakat deduction.

Pakistan will likely observe the first day of Ramazan on March 12 (Tuesday).

The Central Ruet-e-Hilal Committee will meet in Islamabad on coming Monday to see the crescent of the holy month.

Muslims throughout Pakistan and the rest of the world observe the month of Ramazan annually. 

During Ramazan, Muslims adhere to fasting from dawn till sunset, fostering a sense of community and empathy for the less fortunate through shared iftars.