Government of Pakistan, Ministry of Poverty Alleviation and Social Safety issued a Notification on 17-03-2023 in connection with Nisab of Zakat 2023 (Deduction of Zakat) At Savings Banks / Profit Loss and similar Bank Accounts. The details are as under:
Notification Nisab of Zakat 2023 (Deduction of Zakat) At Savings Banks / Profit Loss Accounts
The administrator general zakat has notified the nisab of zakat for the year 2023. The notified rate of zakat is rupees,103,159. The banks will deduct the same from saving profit and loss-sharing accounts. Ministry of Poverty Alleviation and Social Safety issued the Notification.
No bank will deduct zakat for an amount less than 103,159. The banks will not deduct the zakat on the amount less than the above. It is because, from the first day of Ramzan, every bank deducts zakat from saving accounts. The banks also deduct Zakat from profit and sharing accounts. The deduction date is likely to fall on the 23rd or 24th of March 2023.
The Zakat collection Controlling Agencies
There are special agencies for the zakat collection. It is continued after depositing the zakat amount in the central zakat account maintained with the State Bank of Pakistan.
Zakat as an Islamic Obligation
Maybe the Zakat is a fascinating word in Arabic. It relates to cleanliness growth blessing and praise. This form of Islamic obligation helps to purify our wealth. It helps to increase blessings in our lives and gain many rewards. This is the obligation of every Muslim designed to help the deprived of wealth and the needy. It is a powerful tool to allow for a more equitable distribution of wealth it allows more people to invest and increase consumption.
Impacts of zakat on the social life of Muslim society
Zakat is an important system of Islamic ideology. It plays an active role in the spiritual and social life of Muslims. it creates a collective Social Security scheme for mutual help. The payment of zakat is not mandatory an obligatory.
You can see that the Nisab of Zakat 2022 for bank Accounts during the previous year 2022 was only 88927/- rupees.
