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Web Desk
May 14, 2018
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State Bank sets Zakat Nisab at Rs 38,000

KARACHI: The State Bank of Pakistan (SBP) has fixed the Nisab for Zakat deduction on bank accounts at Rs 38, 000 for the current Islamic year.

The SBP said in a statement on Monday that Zakat will be deducted from saving accounts having a balance of Rs 38,000 or above, on the first of Ramazan.

According to the country’s law, 2.5 percent Zakat will be deducted from savings accounts but current and foreign currency accounts are exempted from this.

The first day of the fasting month of Ramazan may fall on Thursday, subject to appearance of the moon.

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