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The State Bank of Pakistan has declared that banks across the country will be closed for public dealings on the first day of Ramadan 2024. This closure is designated for the deduction of Zakat, as stated in a notification issued by the central bank.

According to the notification, the State Bank of Pakistan will be closed for public dealings on the 1st of Ramadan-ul-Mubarak, 1445 A.H., marking it as a ‘Bank Holiday’ for the purpose of Zakat deduction.

All branches of banks, development financial institutions (DFIs), and microfinance banks (MFBs) will remain closed to the public on the first day of the ninth Islamic month. However, employees of these institutions will continue to work and operate as per their normal working hours during this bank holiday.

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Additionally, the Ministry of Religious Affairs has announced the Nisab for Zakat deduction from bank accounts during Ramadan 2024. The Nisab for Ramadan 2024 has been set at Rs135,179, and Zakat will be deducted from accounts with deposits exceeding this amount.

Ramadan 2024 is expected to commence on March 12 in Pakistan this year.

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