The Nisab for deduction of Zakat has been raised by 106 percent due to increase in gold and silver prices. Administrator General Zakat, Ministry of Religious Affairs, has fixed Rs 61,336 as Nisab for deduction of Zakat as on Ramazan 1st.
The Nisab for Zakat has gone up by Rs 31, 951 as compare to last year Nisab of Rs 29,385. All profit and loss accounts having deposits of Rs 61,336 will be eligible for deduction of 2.5 percent of Zakat. However, banks will not deduct Zakat from the accounts of those customers, which already have submitted the declaration. Zakat will not be deducted on current accounts. Banks will remain closed on Ramazan 1st, likely to be on August 1, 2011, for deduction of Zakat from account holders. During 2010, the banks have deducted an amount of Rs 3.915 billion as Zakat.
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