Govt sets minimum nisab for Zakat at Rs503,529 ahead of Ramazan

The Ministry of Poverty Alleviation and Social Safety has fixed the nisab for Zakat ahead of the holy month of Ramazan.

According to an official notification, the Administrator General Zakat has set the nisab at Rs503,529. The statement clarified that no Zakat deduction will be made if the balance in an account on the first day of Ramazan is below this amount.

It said that Zakat will be deducted on the first of Ramazan from all savings accounts as well as profit-and-loss sharing accounts. The amount collected under this head will be deposited in the central Zakat account maintained with the State Bank.

The notification also noted that all financial institutions will remain closed for public transactions on the first day of Ramazan.