The State Bank of Pakistan (SBP) has announced a bank holiday on the first working day of Ramadan 1446 AH for Zakat deduction. As a result, all banks, development finance institutions (DFIs), and microfinance banks (MFBs) will remain closed for public dealings. However, bank employees will report to work as usual and handle internal operations.
Ramadan Likely to Begin on March 2
According to SUPARCO (Space and Upper Atmosphere Research Commission), the crescent moon is expected to be sighted on March 1, 2025, marking the beginning of Ramadan on March 2. If confirmed, the first bank holiday of Ramadan will fall on March 3, 2025 (Monday), aligning with Pakistan’s banking regulations.
Zakat Deduction and Banking Regulations
The practice of observing a bank holiday on the first day of Ramadan is a long-standing tradition in Pakistan. It ensures the smooth deduction of Zakat, a mandatory Islamic financial contribution collected from bank accounts holding a minimum balance above the prescribed Nisab threshold. This holiday allows financial institutions to process deductions efficiently while maintaining compliance with Islamic and banking laws.
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Impact on Banking Services
During the closure, banks will suspend all public dealings, including cash withdrawals, deposits, and other in-person transactions. However, digital banking, ATMs, and online banking services will remain operational, allowing customers to conduct financial transactions without interruption.
Stay Prepared for the Bank Holiday
With this scheduled closure, customers are advised to complete any urgent banking transactions in advance. Ensuring withdrawals, bill payments, and transfers are handled beforehand can help avoid last-minute inconvenience. While physical bank branches will remain closed for public dealings, essential banking operations will continue internally.
The SBP is expected to issue an official notification confirming the exact date of the holiday soon. Until then, customers should remain informed and plan their banking activities accordingly.
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