Today, the country’s banks are closed for a public holiday, and Zakat deductions are being made from savings accounts.
The current Zakat threshold is set at 135,179 Pakistani rupees for the current year. Any savings or PLS (Profit and Loss Sharing) accounts with balances exceeding 135,179 rupees will have Zakat applied.
In a statement issued by a central bank branch in Karachi, it was announced that the banking sector will remain closed to the public transactions on the first day of Ramadan.
Zakat, one of the five pillars of Islam, is an obligatory charitable contribution based on wealth. It is calculated at 2.5% of eligible assets and is typically paid annually by Muslims who meet the minimum wealth threshold.
With banks closed for the holiday, account holders will not be able to carry out any transactions, but Zakat deductions from eligible accounts will still be processed according to the predetermined criteria.
This practice ensures that individuals fulfilling the Zakat criteria contribute their share to charitable causes during the holy month of Ramadan, regardless of the bank holiday. The Zakat collected from eligible accounts will go towards helping the less fortunate and needy members of society, following the principles of social justice and compassion emphasized in Islam.
While the closure of banks for public transactions may inconvenience some account holders, the adherence to Zakat obligations reflects the commitment of Muslims to fulfilling their religious duties, even amidst practical challenges.
