Bank Holiday Announced on 1st Ramadan-ul-Mubarak

The State Bank of Pakistan (SBP) has announced a bank holiday on 1st Ramadan-ul-Mubarak for the purpose of Zakat deduction. According to the details, all banks will remain closed for public dealing on the 1st Ramadan-ul-Mubarak.

In a circular, the banking regulator stated, “The State Bank of Pakistan will remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1445 A.H., which shall be observed as a “Bank Holiday” for the purpose of deduction of Zakat.”

It added, “All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on the afore-mentioned date. However, all employees of the banks / DFIs / MFBs will attend the office on Bank Holiday treating it as a normal working day (except for public dealing).”

It is pertinent to mention that the Ministry of Poverty Alleviation and Social Safety has released a notification announcing the minimum Zakat Nisab, which is set at Rs. 135,179 this year. This figure acts as a benchmark to determine weather inviduals are eligible for Zakat, a mandatory form of charity in Islam.

Zakat will be deducted on the first day of Ramadan-ul-Mubarak if you have a minimum balance of Rs. 135,179. However, it must be noted that Zakat only applies to certain types of bank accounts, including Savings Accounts, Profit and Loss Sharing Accounts, and similar accounts.

More details here: Minimum Zakat Nisab Revealed for Deduction Ahead of Ramadan 2024.

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