ISLAMABAD: The State Bank of Pakistan (SBP) has announced that all banks, development finance institutions (DFIs), and microfinance banks (MFBs) will remain closed for public dealings on the first working day of Ramadan 1446 AH for the purpose of Zakat deduction.
The central bank is expected to issue an official notification in this regard within the next couple of days. However, bank employees will be required to report to work as usual and carry out official duties, except for transactions involving public dealings.
The holy month of Ramadan is likely to commence in Pakistan on March 2, 2025, with the crescent moon expected to be sighted on the evening of March 1.
According to the Space and Upper Atmosphere Research Commission (SUPARCO), the new moon is expected to emerge on February 28 at 5:45 PM Pakistan Standard Time.
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The observance of a bank holiday on the first day of Ramadan has been a longstanding practice to facilitate Zakat deduction, which is mandated under the country’s banking regulations.
