KARACHI: The State Bank of Pakistan (SBP) will be closed for public dealings on the first Roza which will be observed as a bank holiday.
SBP decided to close operations on the first Ramzan due to the deduction of zakat.
“All banks / DFIs / MFBs shall therefore remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1442 A.H.,” the central bank said in a statement.
The federal government had declared the Nisaab rate for Zakat the day before.
Nisaab is a set sum of money that a person must have in his or her account after deducting certain expenses in order to pay the tax.
According to a notice provided by the Administrator-General Zakat for the lunar year 1441-42 Hijri, citizens who have a minimum balance of Rs80,933 in deposits, benefit and loss sharing, or equivalent bank accounts on the first day of Ramazan will be required to pay 2.5 percent Zakat on the total balance.
Earlier this morning, Maulana Abdul Khabeer Azad, Chairman of the Central Ruet-e-Hilal Committee, said that the committee will meet tomorrow (Tuesday) in Peshawar to sight the Ramadan moon.
“I pray to God” Maulana Azad said while saying a prayer “may we develop a consensus with Mufti Popalzai,” he added “If Allah wants, our decision and Mufti Popalzai’s about the beginning of Ramadan will be the same.”