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Banks closed on 1st Ramadan across Pakistan as the central bank has officially announced a nationwide bank holiday for public dealings in connection with the annual deduction of Zakat.
According to a notification issued on Tuesday, the State Bank of Pakistan (SBP) confirmed that all banks will remain closed for customers on the first day of Ramadan-ul-Mubarak 1447 AH. The holiday will be observed either on February 19 (Thursday) or February 20 (Friday), subject to the official sighting of the Ramadan crescent.
SBP Announces that Banks closed on 1st Ramadan
The central bank stated that the first day of Ramadan will be observed as a “Bank Holiday” specifically for Zakat deduction. The notification clarified that public dealing will not be conducted on this day across the banking sector.
“The State Bank of Pakistan will remain closed for public dealings on 1st Ramadan-ul-Mubarak, which shall be observed as Bank Holiday for the purpose of deduction of Zakat,” the SBP said.
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Public Dealing Suspended Nationwide
The SBP further confirmed that all commercial banks, development finance institutions (DFIs), and microfinance banks (MFBs) will remain closed for customer-facing operations throughout the country on the first day of Ramadan.
This annual practice is carried out to facilitate the systematic deduction of Zakat from eligible bank accounts under the Zakat and Ushr Ordinance.
Employees to Attend Offices as Normal
While public dealing will remain suspended, the SBP clarified that bank employees will be required to attend offices as usual.
“Employees of banks, DFIs, and MFBs shall attend office on Bank Holiday treating it as a normal working day, except for public dealing,” the notification added.
Internal operations, system processing, and Zakat-related administrative work will continue as scheduled.
Zakat Nisab Announced by the Government
Earlier, the federal government announced the Zakat Nisab for the current year. According to a notification issued by the Ministry of Poverty Alleviation and Social Safety, the Nisab has been set at Rs503,529.
Accounts holding balances below Rs503,529 will be exempt from Zakat deduction at source, the ministry confirmed.
Moon Sighting Committee to Decide Ramadan Date
Meanwhile, the Central Ruet-e-Hilal Committee will meet in Peshawar on February 18 (Wednesday) to sight the Ramadan crescent. The meeting will be chaired by Maulana Syed Muhammad Abdul Khabeer Azad.
Zonal moon sighting committees will also convene simultaneously in federal and provincial capitals. The final announcement will determine whether the first day of Ramadan — and the bank holiday — falls on February 19 or February 20.
