Bank Holiday on 1st Ramadan-ul-Mubarak
The Bank Holiday on 1st Ramadan-ul-Mubarak 1447 A.H. has officially been announced by the State Bank of Pakistan (SBP). According to the official notification, all banks across the country will remain closed to the public for Zakat deduction on this day.
This announcement is important for customers, businesses, and financial institutions to plan their banking activities accordingly.
Why Is There a Bank Holiday on 1st Ramadan-ul-Mubarak 1447 A.H.?
The Bank Holiday on 1st Ramadan-ul-Mubarak 1447 A.H. is being observed specifically for the deduction of Zakat. Every year, at the beginning of Ramadan, Zakat is deducted from eligible bank accounts in accordance with applicable laws and regulations.
To facilitate this religious and financial obligation smoothly, the State Bank of Pakistan has declared the first day of Ramadan as a Bank Holiday for public dealings.
This step ensures that all necessary administrative and banking processes related to Zakat deduction are completed without disruption.
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Banks, DFIs, and MFBs to Remain Closed for Public Dealing
On the Bank Holiday on 1st Ramadan-ul-Mubarak 1447 A.H., the following institutions will remain closed for public transactions:
- All commercial banks
- Development Finance Institutions (DFIs)
- Microfinance Banks (MFBs)
Customers will not be able to perform over-the-counter transactions such as:
- Cash deposits
- Withdrawals
- Cheque clearing services
- Account opening services
Therefore, customers are advised to complete urgent banking tasks before or after the announced Bank Holiday.
Employees Will Attend Office as Normal
Although the Holiday means no public dealings, it will not be a complete day off for bank staff.
According to the announcement:
- Employees of banks, Development Finance Institutions (DFIs), and Microfinance Banks (MFBs) are required to report to the office.
- The day will be observed as a regular business day within the organisation.
- Only customer-facing services will remain suspended.
This ensures that internal operations, including Zakat deduction processes, continue without interruption.
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What Customers Should Know
The Holiday may temporarily affect physical banking services. Customers should keep the following points in mind:
- No branch services will be available for public dealing.
- Plan important financial transactions in advance.
- Check with your bank regarding digital and online banking availability.
While branches will be closed for customers, many banks may continue offering online and mobile banking services, allowing users to manage accounts digitally.
Official Notification by the State Bank of Pakistan
Holiday on 1st Ramadan-ul-Mubarak 1447 A.H. has been formally announced by the State Bank of Pakistan through an official circular.
For complete details, you can visit the official notification at: sbp.org.pk
Customers and financial institutions are encouraged to refer to the official source for accurate and updated information.
Final Thoughts
The Bank Holiday is an important annual observance in Pakistan’s banking system, primarily for the deduction of Zakat. While banks will remain closed to the public, employees will continue their duties as part of regular internal operations.
To avoid inconvenience, customers should plan their banking needs and stay informed through official bank announcements.
This proactive approach will ensure smooth financial management at the beginning of the holy month of Ramadan.
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