Karachi, The State Bank of Pakistan (SBP) has announced that it will observe the first day of Ramadan-ul-Mubarak, 1445 A.H., as a ‘Bank Holiday’, specifically for the purpose of Zakat deduction. On this day, all banks, Development Finance Institutions (DFIs), and Microfinance Banks (MFBs) across the country will remain closed to the public.
According to State Bank of Pakistan, the closure will facilitate the annual deduction of Zakat, a compulsory act of charity for Muslims. While the banks will not conduct public dealings, all employees of banks, DFIs, and MFBs are required to attend their duties as usual, treating the bank holiday as a normal working day, with the exception of public dealing.