Zakat will be deducted from Savings Accounts having credit balance of over Rs35,557 on first of Ramazan. STOCK IMAGE
In Sharia (Islamic Law) nisâb is the minimum amount for a Muslim’s net worth to be obligated to give zakat.
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Several hadith have formulas for calculating nisâb, the most prominent of which declares that no Zakât is due on wealth until one year passes.
Zakat will be deducted from Savings Accounts having credit balance of over Rs35,557 on first of Ramazan, the notification said.
Zakat will be deducted from Savings Bank Accounts, Profit and Loss Sharing Accounts and Similar Accounts on June 7 or 8, subject to sighting of moon. The banks, however, will remain closed on first of Ramazan.
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Meanwhile, banks from Monday to Thursday will observe timings from 8:00 am to 1:45 pm and on Friday from 8:00 am to 12:00 noon during the holy month, according to Radio Pakistan.
Published in The Express Tribune, June 5th, 2016.
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