Government Sets Zakat Nisab for 2023

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Zakat

For the year 2023, the Nisab for Zakat deduction on bank accounts has been set by the Pakistani government at Rs103,159. According to a notification from the Poverty Alleviation and Social Division, on the first of Ramadan, Zakat will be taken out of savings accounts and profit-sharing accounts with balances greater than Rs103,000.

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According to the Zakat and Ushr Ordinance, if a bank account has less money in it than the government-set limit, nothing would be taken out.

One of the fundamental tenets of Islam is zakat, which states that one’s wealth must exceed a certain level. Banks offer Zakat exemption services for customers who don’t want to pay.

Muslims all across the world are anticipating Ramadan, which this year, depending on the position of the moon, is expected to begin on March 23 or 24.

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