SBP maintained that all banks/DFIs/MFBs will remain closed for public dealing on March 24.
Banks in Pakistan to remain closed for four days this week. All commercial banks will remain closed for four days from March 23 (Thursday) on account of Pakistan Day and another day for Zakat deduction.
In a statement, the central bank said it will remain closed for public dealing on Friday, March 24, 2023, which will be observed as a ‘Bank Holiday’ for the purpose of deduction of Zakat.
As March 23 is already a bank holiday, Friday has now been declared another bank holiday since the 1st of Ramadan-ul-Mubarak, which will be followed by Saturday and Sunday.
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SBP maintained that all banks/DFIs/MFBs will remain closed for public dealing on March 24, saying employees of the banks/DFIs/MFBs will attend the office on Bank Holiday treating it as a normal working day (except for public dealing).
Branches of commercial banks will remain open on Saturday.
Zakat “that which purifies”, also Zakat al-mal “zakat on wealth”, or Zakah is a form of almsgiving, often collected by the Muslim Ummah.
It is considered in Islam as a religious obligation, and by Quranic ranking, is next after prayer (salat) in importance.
As one of the Five Pillars of Islam, zakat is a religious duty for all Muslims who meet the necessary criteria of wealth to help the needy.
It is a mandatory charitable contribution, often considered to be a tax. The payment and disputes on zakat have played a major role in the history of Islam, notably during the Ridda wars.
