Karachi, November 6, 2024 – In observance of Allama Iqbal Day, the State Bank of Pakistan (SBP) has announced a bank holiday for all commercial banks, development financial institutions, and microfinance banks (MFBs) across the country on November 9, 2024.
The SBP issued a formal communication to the presidents and chief executives of all banks on Wednesday, notifying them that the central bank, along with all scheduled banks, will remain closed on Saturday, November 9, 2024, in celebration of the public holiday declared by the Government of Pakistan.
Allama Iqbal Day, celebrated annually on November 9, commemorates the birth of Allama Muhammad Iqbal, the renowned philosopher, poet, and visionary who played a pivotal role in inspiring the movement for Pakistan’s creation. Iqbal’s work continues to influence Pakistan’s cultural and political landscape, and the day is observed as a public holiday in recognition of his contributions to the nation.
The SBP’s notification further clarified that all banking operations, including branch services and online banking, will remain suspended for the day. However, essential services and systems related to interbank transactions, such as payment settlements and central bank operations, will continue without interruption.
Banks are expected to resume normal operations on Monday, November 11, 2024. Customers are advised to plan their banking transactions accordingly, keeping in mind the holiday closure.
The decision to declare a holiday for Allama Iqbal Day reflects the importance of honoring Iqbal’s legacy and his role in shaping the ideological foundation of Pakistan. This day serves as a reminder of his profound influence on the intellectual and political development of the country, encouraging reflection on his vision for a progressive, united nation.
As citizens across Pakistan reflect on the life and teachings of Allama Iqbal, the banking community will observe the holiday in his honor, with banks and financial institutions resuming their regular schedules following the weekend break.
