Cabinet Division designates Zakat’s Nisab for this year

As we take our preparations for Ramzan up a notch (despite the damned COVID-19 pandemic), the government’s Cabinet Division for Poverty Alleviation just designated this year’s Nisab for Zakat — with the rate set at PKR 46,329. Last year, the Zakat Nisab was PKR 44,415.

From savings and similar bank accounts, the government is expected to deduct 2.5 percent on PKR 46,329 and more on the first day of Ramzan. Hopefully, we do not fight over when to begin Ramzan this year and show unity as Muslims; especially while the pandemic is raging on.

Also, it is important to remember that individuals or companies/organisations that have either submitted a Zakat exemption affidavit, or have a bank balance lower than PKR 46,329 will be exempt from this process. In addition, Zakat will not be deducted from current accounts either.