The State Bank of Pakistan has announced a bank holiday on the 1st of Ramadan-ul-Mubarak, 1447 A.H., for the purpose of Zakat deduction.
According to a statement issued on Tuesday, the central bank said that all banks, development finance institutions (DFIs), and microfinance banks (MFBs) will remain closed for public dealings on that day. However, bank employees will report to work as usual, and the day will be treated as a normal working day for staff, except for customer transactions.
The annual bank holiday is observed every year to facilitate the automatic deduction of Zakat from eligible bank accounts on the first day of Ramadan, in accordance with established banking practice.
