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Pakistan Declares Bank Holiday For 1st Ramzan 2024

Pakistan Declares Bank Holiday For 1st Ramzan 2024

On the inaugural day of Ramzan 2024, banks in Pakistan will remain closed for all public dealings, as announced by the State Bank. A notification from the central bank specifies that the bank holiday is slated for the first day of Ramadan, during which public dealings will be suspended to facilitate the deduction of Zakat.

The State Bank of Pakistan is set to cease public dealings on the 1st of Ramadan-ul-Mubarak, 1445 A.H., designating it as a ‘Bank Holiday’ exclusively for the purpose of Zakat deduction, as outlined in the central bank’s communication.

Read more: Punjab’s Anticipated Office Hours For Ramadan 2024

This closure applies to all branches of banks, development financial institutions (DFIs), and microfinance banks (MFBs) on the first day of the ninth Islamic month. Despite the public closure, employees of banks, DFIs, and MFBs will adhere to their regular working hours during these bank holidays.

Additionally, the Ministry of Religious Affairs has unveiled the Nisab for Zakat deduction from bank accounts during Ramzan 2024. For this year, the Nisab is established at Rs135,179, and Zakat deductions will be applicable to accounts holding deposits surpassing this specified amount.

Anticipated to commence on March 12 in Pakistan, the Holy Month of Ramadan 2024 will see these bank closures and Zakat deductions, aligning with religious and financial practices during this sacred period.