KARACHI (Kashmir English): Banks across the country will remain closed for public dealing on March 3 (Monday) for Zakat deduction, the State Bank of Pakistan (SBP) has said in a notification.
According to the notification, “March 3, 2025, which will be observed as “Bank Holiday” for deduction of Zakat in accordance with instructions contained in Notification issued by the Ministry of Poverty Alleviation & Social Safety.”
The central bank has sent a letter to the banks stating that the deduction in terms of Zakat will be on the first day of Ramadan. As the banks will remain close for public dealing, bank employees will be present treating it as a normal working day.
“All banks/DFIs/MFBs shall, therefore, remain closed for public dealing on the afore-mentioned date. However, all employees of the banks/DFIs/MFBs will attend the office on Bank Holiday treating it as a normal working day (except for public dealing),” the notification read.
Earlier, the Ministry of Poverty Alleviation & Social Safety has announced the Nisab of Zakat in Pakistan at Rs. 179,689 for the Zakat year 1445-46 AH. The Administrator General Zakat, Poverty Alleviation Ministry, has issued a notification to the State Bank of Pakistan (SBP) and Zakat Collection Controlling Agencies.
As per the notification, if the amount standing to the credit of an account about the assets listed in column 2 of Serial No.1 of the first schedule of Zakat and Ushr Ordinance, 1980, is less than Rs. 179,689 on the first day of Ramzan-ul-Mubarak, 1446 A.H., then no deduction of Zakat at source shall be done.
The “Deduction date” for the deduction of Zakat from Saving Bank Accounts, Profit and Loss Sharing Accounts, and other similar accounts with a credit balance of Rs. 179,689 has already been announced as the first day of Ramazan-ul-Mubarak.
