SBP to remain closed for public dealing on 1st Ramadan

• State Bank of Pakistan to remain closed on 1st Ramadan for deduction of Zakat.
• The government had earlier announced the Nisaab for Zakat.
• Ruet-e-Hilal Committee to meet tomorrow in Peshawar to sight Ramadan moon.

KARACHI: The State Bank of Pakistan (SBP) will remain closed for public dealings on the 1st of Ramadan which shall be observed as a “Bank Holiday” for the deduction of Zakat.

"All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on 1st Ramadan-ul-Mubarak, 1442 A.H.," a statement from the central bank said.

A day earlier, the federal government had announced the rate of Nisaab for Zakat.

Nisaab is a fixed amount of money that a person must have, after the deduction of necessary expenses, in his/her account to be eligible to pay the tax.

According to a notification issued by the Administrator-General Zakat for the lunar year 1441-42 Hijri, people maintaining a minimum Rs80,933 balance amount in savings, profit and loss sharing, or similar bank accounts on the first day of Ramazan will be liable to pay 2.5% Zakat on the total balance.

Earlier today, Central Ruet-e-Hilal Committee Chairman Maulana Abdul Khabeer Azad had said the committee would meet tomorrow (Tuesday) in Peshawar to sight the Ramadan moon.

Speaking to Geo News, Maulana Azad said the committee had also extended an invitation to Mufti Popalzai to attend the meeting.

"I pray to God, may we develop a consensus with Mufti Popalzai," he said. "If Allah wants, our decision and Mufti Popalzai's about the beginning of Ramadan will be the same," added Maulana Azad.