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KARACHI: A “bank holiday” will be observed on the first day of Ramadan and the public dealings will remain closed for the deduction of Zakat, confirmed the State Bank of Pakistan on Friday.
“The State Bank of Pakistan will remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1445 A.H., which shall be observed as ‘Bank Holiday’ for the purpose of deduction of Zakat,” the central bank stated in a notification for the holiday.
According to the announcement, on the aforementioned date, all banks, development financial institutions (DFIs), and microfinance banks (MFBs) will be closed to the public.
Nonetheless, during bank holidays, all bank, DFI, and MFB staff will report to work and conduct business as usual.
Meanwhile, the Ministry of Religious Affairs has declared the Nisab, the minimum amount of wealth subject to Zakat, for deduction from bank accounts during Ramadan 2024.
The Ministry of Religious Affairs has set the Nisab for Ramadan 2024 at Rs135,179. Zakat will be deducted from accounts holding deposits surpassing this threshold.
Ramadan is expected to commence on March 12 this year in Pakistan.
