ISLAMABAD: As per a circular issued by the State Bank of Pakistan (SBP), all banks, including Development Finance Institutions (DFIs) and Micro Finance Banks (MFBs), will be closed for public dealing on Tuesday, the first day of Ramazan, for Zakat deduction.
However, employees of these institutions are required to attend the office as usual, treating it as a regular working day, except for public dealing.
The Administrator General Zakat has declared the Nisab of Zakat for the Zakat Year 1444-45 A.H to be Rs. 135,179. Zakat will be deducted from accounts meeting this minimum threshold on the first day of Ramazan-ul-Mubarak, as stipulated by the Zakat and Ushr Ordinance, 1980.
On the specified “deduction date,” which coincides with the first day of Ramazan, Zakat will be collected from various types of accounts held in banks, including savings accounts and profit and loss-sharing accounts, at a rate of 2.5% of the total amount credited in each account. No Zakat deduction will occur if the balance in these accounts is less than the notified Nisab for the respective Zakat year.
