The State Bank of Pakistan (SBP) announced observing the 1st Ramadan as a “Bank Holiday” for Zakat deduction.
The State Bank of Pakistan will remain closed for public dealings on 1st Ramadan-ul-Mubarak, 1447 A.H., which shall be observed as “Bank Holiday” for the purpose of deduction of Zakat,” said a notification issued by the central bank on Tuesday.
The SBP said all banks, development finance institutions (DFIs) and microfinance institutions (MFBs) would remain closed for public dealing on the first day of Ramadan.
"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 added.
Earlier today, the government announced the Zakat Nisab, setting it at Rs503,529. As per the notification issued by the Ministry of Poverty Alleviation and Social Safety on Monday, there will be no deduction of Zakat at source where the amount standing to the credit of an account is less than Rs503,529.
As per the notification issued by the Ministry of Poverty Alleviation and Social Safety on Monday, there will be no deduction of Zakat at source where the amount standing to the credit of an account is less than Rs503,529.
The central moon sighting committee will meet in Peshawar under the chair of Maulana Syed Muhammad Abdul Khabeer Azad on February 18 (Wednesday) to sight the crescent marking the beginning of Ramadan, while zonal committees will convene simultaneously in the federal and provincial capitals.
