SBP Announces Bank Holiday for Zakat Deduction on First Day of Ramadan

Islamabad: The State Bank of Pakistan (SBP) has declared the first working day of Ramadan 1446 AH as a “Bank Holiday” for Zakat deduction. On this day, public dealings at all banks will remain suspended as part of the annual financial practice.

In this regard, all institutions, Development Finance Institutions (DFIs), and Microfinance institutions (MFBs) will be closed for public transactions on the first working day of Ramadan 1446 AH.  In the future days, the SBP will publish an official notification concerning this matter.

However, all employees of banks, DFIs, and MFBs will continue to perform their official responsibilities on the Bank Holiday and consider it as a typical workday, with the exception of public transactions.

A formal notification from the central bank is anticipated within the next few days.  It is anticipated that Ramadan will commence in Pakistan on March 2, 2025.