SBP fixes minimum nisab at Rs88,927 for Zakat deduction

Karachi: The State Bank of Pakistan (SBP) has fixed the Nisab for Zakat deduction on bank accounts at Rs88,927 for the ongoing year, says a statement issued by the Poverty Alleviation and Social Division Wednesday.

Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a balance of Rs88,927 or above, on the first of Ramazan.

Under the Zakat and Ushr Ordinance 1980, no Zakat would be deducted in case a bank account has less than Rs88,927, the statement added.

The first of Ramazan will likely fall on April 3 or 4, this year, subject to the appearance of the moon.

People who do not want Zakat deduction from their accounts can submit a "Zakat exemption" form in their respective banks.