KARACHI: The State Bank of Pakistan (SBP) has declared a “bank holiday” on March 3 (Monday) across the country.
According to the SBP circular, all kinds of banks and financial institutions will remain closed for public dealing on March 3 for Zakat deduction.
“All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on the aforementioned date,” the circular read.
“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).”
Earlier on Tuesday, the Federal Ministry of Poverty Alleviation announced Nisab-i-Zakat for 2025, saying that Zakat would be applicable on an amount of Rs179,689 this year.
This means that no Zakat deduction will be made from accounts with a balance below this threshold on the first day of Ramzan-ul-Mubarak, 1446 AH, which will fall on March 2, 2025.
Zakat is deducted from savings bank accounts, profit-and-loss sharing accounts, and all other similar accounts, on amounts beginning from Rs 179,689 and above.
All Zakat Collection and Controlling Agencies (ZCCAs) are directed to deduct Zakat at their respective amounts and deposit it in the Central Zakat Account No. CZ-08 at the State Bank of Pakistan.
Central Ruet-e-Hilal Committee Chairman Maulana Muhammad Abdul Khabir Azad announced that the Ramadan moon was not sighted in Pakistan, and the first Ramadan will be observed on Sunday.
