The Pakistani government has officially declared the Nisab-i-Zakat for the Zakat Year 1444-45 A.H. This important figure determines the minimum amount of money held in a bank account that triggers the deduction of zakat, a charitable obligation during the holy month of Ramadan.
Key Points:
- Nisab Threshold: The new Nisab-i-Zakat is Rs. 135,179.
- Zakat Deduction: Banks will automatically deduct 2.5% of the total amount held in savings, profit and loss sharing, and similar accounts.
- Exemption: Accounts with less than Rs. 135,179 will not be subject to zakat deduction.
- Deduction Date: Zakat will be collected from eligible accounts on the first day of Ramadan, which is expected to be March 12th (pending moon sighting).
What is Zakat?
Zakat is one of the five pillars of Islam, alongside the declaration of faith, prayer, fasting during Ramadan, and pilgrimage to Makkah for those who are able. It’s a form of almsgiving that requires eligible Muslims to donate a specific portion of their wealth to those in need. The purpose of zakat is multifaceted:
- Purification of Wealth: By giving a portion of their wealth to charity, Muslims are believed to purify their remaining wealth and detach themselves from the love of material possessions.
- Social Responsibility: Zakat promotes social responsibility by encouraging Muslims to share their wealth with those less fortunate, fostering a sense of compassion and solidarity within the community.
- Establishing a Just and Equitable Society: Zakat helps to bridge the gap between the rich and the poor, contributing to a more equitable distribution of wealth and a fairer society.
