The Ministry of Religious Affairs has announced the Nisab, or minimum amount of wealth liable to Zakat, for deduction from bank accounts during Ramadan 2024.
Zakat, the third pillar of Islam, serves to cleanse the wealth accumulated by the rich each year, distributing it among the needy. It underscores the responsibility of the wealthy towards the less fortunate in Muslim societies.
Muslims contribute a certain percentage (2.5%) of their wealth, resources, or other properties for Zakat.
In Pakistan, banks deduct Zakat from the accounts of Muslim holders on the first day of Ramadan, unless individuals submit an affidavit indicating they will pay Zakat themselves.
With the first day of Ramadan expected on March 12 this year in Pakistan, the Ministry of Religious Affairs has announced that the Nisab for Ramadan 2024 is Rs135,179. Zakat will be deducted from bank accounts with deposits exceeding this threshold.
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