Banks began deducting Zakat, Nisab-e-Zakat fixed at Rs35,557

The State Bank of Pakistan (SBP) has ordered the deduction of Zakat, with Nisab-e-Zakat for this year has been fixed at Rs 35,557.

According to local media reports, the Ministry of Religious Affairs said in a statement that under the Zakat and Ushr Ordinance 1980, no Zakat would be deducted in case a bank account had less than Rs35,557.

As per norm, the Zakat deduction would be made from today the first day of Ramazan. As per SBP, Zakat will be deducted by banks from Saving Accounts, Profit and Loss Sharing Accounts and Similar Accounts having credit balance of over 35,557 rupees on first of Ramazan.

Saving accounts with e.g. Rs0.1 million will see a cut worth Rs2,500 i.e. 2.5 percent. All the Zakat deducted will then be deposited by banks to the national exchequer.