On March 24, all commercial banks and the State Bank of Pakistan (SBP) will be closed to the general public.
“The State Bank of Pakistan will remain closed for public dealing on Friday, March 24, 2023, which shall be observed as a ‘Bank Holiday’ for the purpose of deduction of Zakat,” the notification issued by the central bank read.
Banks will be closed on Friday for Zakat deduction since the first of Ramadan-ul-Mubarak, 1444 A.H. is likely to occur on Thursday, (March 23), which has already been proclaimed a public holiday due to Pakistan Day.
#SBP to remain closed for public dealing on Friday, March 24, 2023 for the purpose of Zakat deduction.
Details: https://t.co/GqD7KqeGY4 pic.twitter.com/cE8DZzWERe— SBP (@StateBank_Pak) March 21, 2023
Therefore, on the aforementioned date, all banks, development finance institutions (DFIs), and microfinance banks (MFBs) shall stay closed to the general public.
Under the leadership of committee chairman Maulana Abdul Khabir, the Central Ruet-e-Hilal Committee will convene in Peshawar today (Wednesday) to observe the Ramadan moon sighting.
On March 22, which corresponds to Shaban 29, the Central Ruet-e-Hilal Committee for the Sighting of the Crescent of Ramadan ul Mubarak 1444 AH will convene in the Auqaf Department building in Peshawar (Wednesday evening).
Nisab for Zakat Deduction
The Nisab for the Zakat deduction for the current year has been set by the Ministry of Poverty Alleviation and Social Safety.
A notice from the ministry states that on the first of Ramadan, zakat will be taken from savings accounts, profit-sharing accounts, and other similar accounts with a minimum balance of Rs. 103,159 or more.
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