Banks and financial sector in Ramdan

Banks in Pakistan will close for public dealing on July 11, 2013 to deduct Zakat. During Ramdan Banks and Stock market reduced their working hours almost half.

Zakat Deduction form Bank Accounts. 

On 1st Ramdan Mubrak all banks close for public dealing. Bankers were busi to deduct Zakat form the bank accounts. In Pakistan Government deduct Zakat form banks accounts. This year federal government set Zakta Nisab Rs.41872. It means if any account holder had amount equivalent or more then Rs.41872 will face 2.5 percent Zakta deduction. Zakat deduction only applicable on saving accounts. Money deposited in current accounts or any other type of account are not come under the Zakat ordinance. It is also notable that if any person submitted Zakat declaration he also excluded form Zakat deduction.
   

Muslims holy month Ramdan starts in Pakistan form July 11, 2013. During Month of Ramdan Muslims are fasting (Roza) in day time. To facilitate Rozadars, duty time reduced to half during Ramdan. In financial sector regulates issue special Ramdan timings. 

 Ramdan Bank Timings  

During the ensuing holy month of Ramzan-ul-Mubarak, the following office hours will be observed in the State Bank of Pakistan, which will also be  followed by all banks/DFIs/MFBs:-

Days	Office Hours
Monday to Thursday	8.00 a.m. to 2.15 p.m.  (Without any break)
Friday	8.00 a.m. to 1.00 p.m.  (Without any break)

However, the banks are advised to observe the following business (banking) hours for public dealing:-

Days	Business (Banking) Hours for Public Dealing
Monday to Thursday	8:00 a.m. to 1:45 p.m.      (without any break)
Friday	8.00 a.m. to 12.30 p.m.    (without any break)

After the holy month of Ramzan-ul-Mubarak, the above timings will automatically be reverted to pre Ramzan-ul-Mubarak timings. 

Stock Market Ramdan Timing  

Management of Karachi Stock Market also announce reduction in trading timing. Karachi Stock Exchange Monday to Thursday starts treading from 8 am in morning till 2 pm in noon. On Friday Treading time will be from 8 am till 12.30 pm.