Banks to remain close across Pakistan on 1st Ramadan

The State Bank of Pakistan (SBP) announced that banks across Pakistan will remain closed for all public transactions on the 1st of Ramadan.

The notification issued by the central bank stated that it would be a bank holiday on the first day of Ramadan for Zakat deduction.

SBP will be closed for public dealing on the 1st of Ramadan 1445 Hijri which will be observed as a Bank Holiday for Zakat deduction. All bank branches, Development Finance Institutions (DFIs), and Micro Finance Banks (MFBs) will be closed to the public on the first day of the ninth Islamic month.

READ MORE: Ramadan 2024: Federal Govt announces Ramadan Office Timings

However, during bank holidays, all Bank, DFI, and MFB employees will work and operate as per normal business hours.

The Ministry of Religious Affairs further announced the schedule for deducting Zakat from bank accounts during Ramadan 2024. The rate for Ramadan 2024 has been set at Rs 135,179, and zakat will be deducted from accounts that collect more than this amount.

Ramadan moon sighting likely on March 11

As the country prepares for the holy month of Ramadan, this year Ramadan in Pakistan is likely to begin on March 12.

The Central Ruet-e-Hilal committee will meet on March 11 (Monday) in Peshawar for a moon sighting of Ramzan 1445 Hijrah.

Experts claim that even though the moon of Ramzan will rise on March 10, it won’t be seen then. Instead, on March 11, the moon will be perfectly visible.

With a 95% chance that the first fast will be kept on Tuesday, March 12, experts predicted that the first Taraweeh will occur on the evening of March 11.