Advertisement
Categories: LifestyleNews

Ministry of Religious Affairs Sets Nisab for Zakat Deduction in Ramadan 2024

Advertisement

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.

Advertisement
Raheel J.M

Raheel, a Karachi-based reporter, is at the forefront of political journalism, providing insightful coverage that transcends the bustling landscape of Pakistan's political sphere. With an unwavering commitment to delivering accurate and comprehensive news, Raheel's work is marked by a keen understanding of the intricate dynamics shaping the political landscape.

Recent Posts

PM Shehbaz Removes PTV Fee from Electricity Bills, Launches Consumer-Led Billing App to Curb Overcharging

Prime Minister Shehbaz Sharif announced on Sunday the complete elimination of the PTV licence fee…

4 hours ago

Strengthening Educational Assessment in Balochistan: AKU-EB Concludes Capacity Building Project with Balochistan Assessment and Examination Commission

The Aga Khan University Examination Board (AKU-EB) has successfully concluded a capacity development and technical…

4 hours ago

Revolutionizing Pakistan’s Digital Landscape: USF Launches 7 New Broadband Services/Ofc Projects of Pkr 7.49 Billion to Enable 3.76 Million Residents From 12 Districts

In a landmark decision, the Universal Service Fund's (USF) Board of Directors has greenlit seven…

4 hours ago

Pakistan Enters Top 100 of Global Passport Index, Eyes Further Gains with Digital Upgrades

Pakistan’s passport has made a notable leap in global mobility rankings, entering the top 100…

1 day ago

International Survey Reveals Pakistanis Support Actions to Address Climate Change

An international survey conducted across 17 total countries, including Pakistan, was commissioned by the Global…

1 day ago

Pakistan’s first AI data center launched

Data Vault Pakistan has officially launched the country’s first AI-focused data center in Karachi, a…

1 day ago