The State Bank of Pakistan on Monday has fixed Rs41,872 Nisab this year for deduction of Zakat from savings accounts.
According to details, Zakat will be deducted from those savings accounts which have sum above the fixed Nisab of Rs41,872.
This year’s Nisab is around 18 percent less than Rs51,086 fixed last year. Reduction is primarily attributed to recent decline in gold prices.
According to Islamic Shariah, all Muslims are required to pay 2.5 percent Zakat on their annual savings.
Under Zakat ordinance, banks deduct 2.5 percent Zakat from all the savings accounts on Ist of Ramazan