The State Bank of Pakistan (SBP) has announced the closure of all banks, Development Finance Institutions and Microfinance Banks for public dealings on the first working day of Ramadan 1446 AH for deduction of Zakat. This day shall be declared an official “Bank Holiday” in order to enable the process.
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A notification of closure from the SBP is expected to be in hand shortly. However, the officials and staff of the banks, DFIs and MFBs will resume their normal business on that day performing their normal duties to be interrupted only for public dealings.
The expected date of Ramadan in Pakistan is to commence from 2nd March 2025 with the crescent moon likely to be sighted on 1st March 2025. The new moon is expected to be born at 05:45 PM Pakistan Standard Time on 28th February 2025, according to SUPARCO.
The observance of a bank holiday on the first day of Ramadan has been a longstanding practice to facilitate Zakat deduction which is mandated under the country’s banking regulations.
