Pakistani banks announce Ramadan holiday

08:33 PM | 12 Apr, 2021
Pakistani banks announce Ramadan holiday

KARACHI – The State Bank of Pakistan (SBP) will remain closed for public dealings on the first day of Ramadan which shall be observed as a “Bank Holiday” for the deduction of Zakat.

"All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1442 A.H.," a statement from the central bank read.

The government, on Sunday set the Nisaab of Zakat at 80,933 rupees for deduction of Zakat.

According to the official notification, the Administrator General Zakat for lunar year 1441-42 Hijri, people maintaining minimum eighty thousand nine hundred thirty-three rupees balance in savings, profit and loss sharing or similar bank accounts on the first day of Ramadan will be liable to pay 2.5 percent Zakat on the total balance.

Zakat is an obligatory charity for all eligible Muslims and is based on the current nisab values. These values can change year to year.

Earlier, Federal Minister for Science and Technology Fawad Chaudhry said that the Ramadan moon would be sighted country-wide on April 13. Pakistanis will break their first fast on April 14, he predicted in a tweet.

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