The Ministry of Religious Affairs in Pakistan has established the Nisab, the minimum amount of wealth subject to Zakat, for deduction from bank accounts during Ramadan 2024.
Zakat, one of the five pillars of Islam, requires the wealthy to annually cleanse a portion of their wealth to support the less fortunate in society. It underscores the societal obligation of the affluent to the impoverished in Muslim communities.
Muslims are required to contribute a specific portion (2.5%) of their wealth, assets, or other holdings as Zakat.
In Pakistan, banks automatically deduct Zakat from the accounts of Muslim customers on the first day of Ramadan, unless they provide a notarized affidavit stating their intent to pay directly.
Ramadan is expected to begin on March 12 in Pakistan this year. The Ministry of Religious Affairs has set the Nisab for Ramadan 2024 at Rs135,179.
Bank accounts with balances exceeding this threshold will have Zakat deducted accordingly.
