The State Bank of Pakistan (SBP) has issued BPRD Circular Letter No. 03 of 2026 on February 17, 2026.
It directs all banks, Development Finance Institutions (DFIs), and Microfinance Banks (MFBs) to deduct Zakat at source from eligible saving accounts.
Zakat Deduction Guidelines Issued
The circular references a Ministry of Poverty Alleviation & Social Safety notification dated February 16, 2026. It applies specifically to saving banks, profit & loss sharing, and similar accounts under Asset Code No. 101.
Banks must deposit the deducted Zakat immediately after the deduction date to ensure timely compliance.
Compliance Urged for Shariah-Compliant Accounts
All relevant financial institutions have been instructed to take necessary actions without delay. This move supports the annual Zakat collection process in line with government rules for Nisab and deductions.