Government sets Rs35,557 as Zakat nisâb
Zakat will be deducted from savings accounts having credit balance of over Rs35,557 on first of Ramazan
Zakat will be deducted from Savings Accounts having credit balance of over Rs35,557 on first of Ramazan. STOCK IMAGE
ISLAMABAD:
The government has fixed Rs35,557 as nisâb of Zakat this year, said a notification issued by Administrator General Zakat.
In Sharia (Islamic Law) nisâb is the minimum amount for a Muslim’s net worth to be obligated to give zakat.
Cut the source: Press asked to stop printing Zakat, extortion receipts
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.
Zakat: Free auto-rickshaws given to seven people
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.
The government has fixed Rs35,557 as nisâb of Zakat this year, said a notification issued by Administrator General Zakat.
In Sharia (Islamic Law) nisâb is the minimum amount for a Muslim’s net worth to be obligated to give zakat.
Cut the source: Press asked to stop printing Zakat, extortion receipts
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.
Zakat: Free auto-rickshaws given to seven people
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.