The government has fixed the nisab of zakat at Rs80,933 rupees for lunar year 1441-42 Hijri, according to a notification issued by the Zakat administrator general Sunday.
People having Rs80,933 balance in savings, profit and loss sharing or similar bank accounts on the first day of Ramazan will have 2.5% zakat deducted on their total balance.
If a Muslim has money or assets worth the nisab, then it becomes mandatory for them to pay zakat to the poor and needy.
Zakat is determined based on the wealth of a person. It means the greater the assets, the greater the value of zakat.