Pakistan

Ramadan 2023: Minimum Nisab set at Rs103,159 for Zakat deduction

Published

2 years ago

Farwa

The Ministry of Poverty Alleviation and Social Safety has fixed the Nisab for Zakat deduction for the ongoing year.

According to a notification issued by the ministry, Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a minimum balance of Rs103,159 or above, on the first of Ramadan.

The Nisab was fixed at Rs88,927 in the previous year.

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Under the Zakat and Ushr Ordinance 1980, no Zakat would be deducted in case a bank account has a lesser amount than the value announced by the ministry, added the statement.

“All the Zakat Collection Controlling Agencies (ZCCAs) are requested to deduct the Zakat accordingly,” it said.

The first of Ramadan will likely fall on March 23, this year, subject to the appearance of the moon.

To be liable for Zakat — which is one of the five pillars of Islam — one’s wealth must amount to more than a threshold figure, termed the “Nisab”.

Those who do not want Zakat deduction from their accounts can submit a “Zakat exemption” form to their respective banks.

Latest News

PTI and JUI (Sherani) decide to proceed by consensus.

Published

2 weeks ago

Farwa

Jamiat Ulema-e-Islam (Sherani) and Pakistan Tehreek-e-Insaf (PTI) have agreed to proceed together.

Maulana Muhammad Khan Sherani, the leader of JUI (Sherani), met with Barrister Dr. Saif, the Chief Minister of Khyber Pakhtunkhwa’s Information Advisor.

The conference also included former senator Aslam Buledi and former federal minister Muhammad Ali Durrani.

The discussion focused on promoting reconciliation, political cooperation, and collective progress in the country. In addition, Barrister Dr. Saif read Fatiha and expressed sympathy for Maulana Sherani’s wife’s demise.

Barrister Saif recognized Maulana Sherani as a respected religious and political person, a senior member of parliament, and an expert in constitutional law during the meeting. He said that Maulana Sherani’s services are greatly valued by PTI founder Imran Khan and the party, and they hope he will play an active role in promoting trust, cooperation, and national reconciliation.

Maulana Sherani was invited to visit Khyber Pakhtunkhwa by Barrister Saif on behalf of KP Chief Minister Ali Amin Gandapur.

Maulana Muhammad Khan Sherani emphasized the importance of reconciliation in guiding the nation away from conflict and proposed that Muhammad Ali Durrani be instrumental in promoting this process.

Business

SFD and Pakistan Sign Two Deals Totaling $1.61BLN

Published

1 month ago

Farwa

Two agreements totaling $1.61 billion have been inked by Pakistan and the Saudi Fund for Development to improve their bilateral economic cooperation.

Entertainment

‘Kashmir Banay Ga Pakistan’ is a new song teased by ISPR for Solidarity Day

Published

1 month ago

Farwa

A new anthem, “Kashmir Banay Ga Pakistan,” was issued by Inter-Services Public Relations (ISPR) on Wednesday (tomorrow) in honor of Kashmir Solidarity Day.

Every year on February 5, Kashmir Solidarity Day is commemorated to show solidarity with the people of Indian-Occupied Kashmir.

Renowned musician Ahmed Jahanzeb sings the song, which sends a powerful message of solidarity and dedication to the liberation fighters of Held Kashmir.

Imran Raza wrote the words, while Irfan Saleem and Kamran Khan composed the music.

The song was composed especially to commemorate the momentous day and to reaffirm support for the courageous and tenacious people of Kashmir, who are fighting for their right to self-determination, as guaranteed by the documents of united nations