KARACHI: The State Bank of Pakistan will remain closed for public dealings today (Monday) for the purpose of deduction of Zakat.
“All banks / Development Finance Institutions (DFIs) /Microfinance Banks (MFBs) shall, therefore, remain closed for public dealing on May 29, 2017. However, all employees of the banks / DFIs / MFBs will attend the office on Bank Holiday treating it as normal working day (except for public dealings),” the SBP stated in a press release.
The Nisab for Zakat has been fixed at Rs38,406 for lunar year 1437-38 A.H. This essentially means that no deduction of Zakat at source shall be made in case the amount in the account will be lesser than the value defined above.
During the holy month of Ramazan-ul-Mubarak, the following office hours will be observed in the State Bank of Pakistan, which will also be followed by all banks.
However, the banks are advised to observe the following business (banking) hours for public dealing.