The Ministry of Religious Affairs has announced the Nisab for Ramadan 2024, which marks the minimum wealth subject to Zakat deduction from bank accounts.
Zakat, a core tenet of Islam, serves to cleanse the wealth of the affluent annually, redistributing it to those in need within Muslim communities, emphasizing the duty of the prosperous towards the less privileged.
Muslims are required to allocate a specified portion (2.5%) of their wealth, assets, or possessions for Zakat.
In Pakistan, banks automatically deduct Zakat from the accounts of Muslim depositors at the beginning of Ramadan, except for those who submit an affidavit indicating their intention to make independent payments.
Ramadan is anticipated to begin on March 12 this year in Pakistan.
The Ministry of Religious Affairs has established the Nisab for Ramadan 2024 at Rs135,179, triggering Zakat deduction from accounts holding deposits exceeding this threshold.
