The Ministry of Poverty Alleviation and Social Protection in Pakistan has released the Zakat guidelines for the year 2024.
As per the official notification, the government has set the Zakat threshold at Rs 135,179 for the current year. Individuals holding savings or PLS accounts with a balance equal to or exceeding this amount will be subject to Zakat deduction.
However, those with account balances below Rs 135,179 as of the 1st of Ramadan will be exempted from Zakat deductions, offering relief to individuals with lower savings.
Zakat is a mandatory form of charity for Muslims who meet specific wealth criteria. It is one of the Five Pillars of Islam and an essential part of fulfilling one's religious obligations. Individuals whose savings or PLS accounts reach or exceed the threshold amount on the first day of Ramadan are required to pay Zakat, which is typically 2.5% of the total balance.
