State Bank of Pakistan Announces Zakat Deduction Rules

The Federal Ministry of Poverty Alleviation has announced the Nisab-i-Zakat for 2025, setting the minimum amount for Zakat at Rs79,689, which will be deducted from savings accounts, profit and loss accounts, and similar accounts, but not from current accounts, as per the guidelines issued by the State Bank of Pakistan.

The Council of Islamic Ideology has recommended a minimum Fitrana of Rs220 per person, with varying rates for different types of food items, while the Central Ruet-e-Hilal Committee will observe the sighting of the Ramazan moon. The Government of Pakistan has announced the Nisab of Zakat for the Zakat year 1445-46 AH, setting it at Rs. 179,689, which means that no zakat will be deducted from savings accounts and other similar accounts with a balance below this amount.

The deduction date for zakat has been notified as the first day of Ramzan-ul-Mubarak, which is likely to fall on March 1st or 2nd, 2025. All zakat collection and controlling agencies have been requested to deduct zakat accordingly. The amount of Nisab has increased from last year's value of Rs. 135,179. Customers who have submitted zakat exemption certificates will not be subject to deductions.

Pakistan's banks, DFIs, and MFBs will be closed on the first working day of Ramadan, which is expected to begin on March 2, 2025, for Zakat deductions. Bank employees will report to work but won't handle public dealings. The central bank, State Bank of Pakistan, will issue an official notification soon regarding the Zakat deductions and other related matters.

The announcement of the Nisab-i-Zakat and the guidelines for Zakat deductions will help in the smooth implementation of the Zakat system in the country, and the State Bank of Pakistan will play a crucial role in facilitating the process.