The nisab amount of zakat for the year 2022 is set at Rs88,927, according to a notification dated March 30, 2022, issued by the Poverty Alleviation & Social Safety Division, Cabinet Secretariat, Government of Pakistan.
The account holders, maintaining a minimum of Rs88,927 balance on the first day of Ramzan would be liable to pay 2.5 per cent Zakat on the first day of the fasting month of Ramzan.
If the amount standing to the credit of an account is less than the said amount, no Zakat deduction shall be made. While savings, profit-and-loss sharing, and other similar accounts are subject to nisab deductions. it is worth noting that the zakat deduction has surged by Rs7,994 as compared to last year, due to an increase in gold and silver prices.
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The amount for nisab in 2021 was set at Rs80,933 and Rs46,329 for 2020. In the majority of Islamic countries, It is adjusted at 2.5 per cent of one’s wealth above the nisab.
