On March 12, 2024, all banks will celebrate a bank holiday in observance of the Zakat deduction and will be closed to the public.
On the first day of Ramadan ul Mubarak, in 1445 A.H., the State Bank of Pakistan declared a bank holiday nationwide for the purpose of deducting Zakat.
On the above specified date, SBP, all of the banks, Development Finance Institutions (DFIs), and Micro Finance Banks (MFBs) will not be open for business. On Bank Holiday, however, all bank, DFI, and MFB workers will report to work and conduct business as usual (except from public dealing).
The Nisab of Zakat for the Zakat Year 1444–1445 A.H. has been declared by the Administrator General Zakat at Rs. 135,179. On the first day of Ramazan-ul-Mubarak, the minimum amount in bank accounts from which Zakat would be withheld is known as the Nisab-e-Zakat.
The Zakat and Ushr Ordinance, 1980, states that if the amount in the designated accounts is less than the Nisab notified for the relevant Zakat year, no Zakat at source deduction may be effected.
