KARACHI: Nisab for zakat has been set at Rs39,198, said a notification of the Ministry of Religious Affairs on Monday.

According to the State Bank of Pakistan, the notification directed banks to deduct zakat as per the instructions issued to them. No zakat deductions will be made in case the amount standing to the credit of an account is less than Rs39,198 on the first day of Ramazan.

Zakat will most likely be deducted on May 17 and will applicable to savings accounts, profit and loss sharing accounts and other similar accounts.

Individuals who have submitted exemption declarations before Ramazan are exempted from deduction.

Published in Dawn, May 15th, 2018