Zakat Nisab 2023 Has Been Announced
Zakat Nisab 2023 in Pakistan
The Administrator General Zakat has fixed the Zakat Nisab 2023 in Pakistan for the year 1443-44 Hijri. According the a notification issued by the Ministry of Poverty Alleviation & Social Safety, Zakat Nisab has been fixed at Rs. 103,159 per person this year.
According to Zakat and Ushr Ordinance 1980, no deduction will be made from Zakat if this amount is less than Rs. 103,159 on the first day of Ramadan 1444 Hijri.
Bank Zakat Deduction Date 2023
According to the notification, the first day of Ramadan has already been notified as March 23rd or 24th 2023 as a “deduction date” for deducting zakat from savings bank accounts, profit and loss sharing accounts, and other similar accounts having credit balances of Rs. 103,159. Current accounts in banks are exempt from this deduction.
Banks and financial institutions will deduct 2.5% of Zakat from the amount in excess of the mentioned amount on the first day of the holy month of Ramadan. Zakat applies to the savings accounts and products maintained by banks, asset management companies, and other financial entities. Meanwhile, customers who have submitted Zakat exemption certificates will not have any deductions.
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The amount under the Nisab has increased in Pakistan this year from the previous year’s value of Rs. 88,927. This increase is mainly due to increase in gold and silver prices in Pakistan.
Zakat On Gold
Zakat is applicable on savings for a period of one year equal to or greater than the value of 7.5 tolas of gold and 52.5 tolas of silver. The benchmark or nisab is set against the price of the commodity, which has a lower value, which is silver. The rate of Zakat is determined on the average annual value of the precious metal.