SBP announces bank holiday on 1st of Ramadan for Zakat deduction
- The central bank says all banks, development finance institutions, and microfinance banks will also remain closed
The State Bank of Pakistan (SBP) has announced that it will remain closed for public dealing on the 1st of Ramadan-ul-Mubarak, 1447 A.H., to observe a “Bank Holiday” for the purpose of Zakat deduction.
In a statement issued on Tuesday, the central bank said that all banks, development finance institutions (DFIs), and microfinance banks (MFBs) will also remain closed for public dealings on the same date.
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However, the SBP clarified that employees of banks, DFIs and MFBs will attend office as usual. The day will be treated as a normal working day for staff, except that there will be no public dealing.
The annual bank holiday is observed in line with the practice of deducting Zakat from eligible accounts on the first day of Ramadan.
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