Ramadan 2024 – On the first day of Ramadan this year, banks will deduct Zakat for 1444-45 Hijri from accounts having a minimum balance of Rs135,179, according to the Ministry of Poverty Alleviation and Social Security.
The government set the minimum amount for Zakat in 2024. They said that if you have Rs135,179 or more in your savings or profit and loss sharing (PLS) account, you have to pay 2.5% of that amount as Zakat.
Accounts with balances less than Rs135,179 on the 1st of Ramadan will be exempted from Zakat deduction, read the notification issued by the ministry.
According to the Zakat and Ushr Ordinance 1980, if the amount in a bank account is less than the value set by the ministry, no Zakat will be deducted from it.
“All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly,” it said.
The first of Ramadan is expected to fall on March 12, this year, subject to the appearance of the moon.
To be liable for Zakat — which is one of the five pillars of Islam — one’s wealth must amount to more than a threshold figure, termed the “Nisab”.
Those who do not want a Zakat deduction from their accounts can submit a “Zakat exemption” form to their respective banks.
The increasing Nisab for Zakat each year shows that inflation is going up in the country. For example, in 2020, the Nisab was about Rs46,000. By 2021, it rose to around Rs80,900, then to over Rs88,900 in 2022, and more than Rs103,000 in 2023. So, in just five years, the Nisab has more than tripled.
