Zakat deduction on Bank Account How to calculate zakat

Описание: With Ramadan right around the corner, you are bound to hear a lot of questions revolving around how and when to pay Zakat, as most Muslims prefer paying the obligatory charity during the holy month.

Zakat is not only supposed to help the underprivileged and those who can’t afford to fulfil their basic needs. It is also meant to cleanse and purify one’s wealth. In fact, the importance of Zakat can be determined by the fact that it has been deemed one of the five pillars of Islam.

Since it is mandatory on all adult Muslims who earn more than a certain threshold, banks across Pakistan collect Zakat by deducting it directly at the source. It means if you have more money than the set threshold for the year, known as Nisab, the banks are legally responsible to deduct 2.5% of the exceeding amount.

Zakat deduction in Pakistani banks is automatically carried out on the 1st of Ramadan.

The word Nisab means the minimum wealth or assets you must own before you are eligible to start paying Zakat. This minimum figure is called the Nisab threshold and you only pay Zakat once you cross it.

Muslims are supposed to pay Zakat one lunar year from the day their wealth exceeded the threshold.

Your Zakat should amount to 2.5% or the 40thportion of the cash and tradable assets you possess above the Nisab. It is to be paid after an entire Islamic year has passed since the acquisition. However, you can also pay it in advance if you have wealth equal to or above Nisab on hand.

The government of Pakistani usually announces the Nisab for each year shortly before Ramadan. It is generally set according to the cash value of 3 ounces (87.48 grams) of gold or 21 ounces (612.36 grams) of silver.

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