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Friday May 17, 2024

Banks to remain closed on March 24

Friday will be observed as ‘Bank Holiday’ for the purpose of Zakat deduction

By Business Desk
March 21, 2023
A representational image of the State Bank of Pakistan (SBP) museaum building. — Facebook/AFP
A representational image of the State Bank of Pakistan (SBP) museaum building. — Facebook/AFP

KARACHI: All commercial banks as well as the State Bank of Pakistan (SBP) will remain closed for public dealing on March 24.

"The State Bank of Pakistan will remain closed for public dealing on Friday, March 24, 2023, which shall be observed as a ‘Bank Holiday’ for the purpose of deduction of Zakat," the notification issued by the central bank read.

It mentioned that since the first of Ramadan-ul-Mubarak, 1444 A.H. is likely to fall on Thursday, (March 23) — which has already been declared a public holiday — on account of Pakistan Day, banks will remain closed on Friday for Zakat deduction.

Therefore, all banks, development finance institutions (DFIs), and microfinance banks (MFBs) shall, therefore, remain closed for public dealing on the afore-mentioned date.

The Central Ruet-e-Hilal Committee will meet tomorrow (Wednesday) in Peshawar for the Ramadan moon-sighting under committee chairman Maulana Abdul Khabir.

The Central Ruet-e-Hilal Committee for the sighting of the crescent of Ramadan ul Mubarak 1444 AH with its chairman will meet in the building of Auqaf Department, Peshawar on March 22 corresponding to Shaban 29 (Wednesday evening).

Meanwhile, the Ministry of Poverty Alleviation and Social Safety has fixed the Nisab for Zakat deduction for the ongoing year.

According to a notification issued by the ministry, Zakat will be deducted from saving accounts, profit and loss sharing accounts and other similar accounts having a minimum balance of Rs103,159 or above, on the first of Ramadan.