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NPCs are available to:
i-Non-Resident Pakistanis and
ii- Resident Pakistanis

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INPCs are based on a Mudaraba
structure whereby the investor
invests in a Mudaraba pool ...

People stand on marked spots to practice social distancing as they queue for donated food in Jakarta, Indonesia. Photo: © Achmad/World Bank
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The Certificates offer attractive
annualized rates of return…

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Non-Resident Pakistanis (NRPs)
can invest in NPCs through their
Roshan Digital Account …


Naya Pakistan Certificates

Naya Pakistan Certificates (NPCs) are USD, PKR, Euro and British Pound-denominated sovereign instruments issued by the Government of Pakistan. NPCs offer attractive risk-adjusted returns over different maturities. They are available in both conventional and Shariah compliant versions and administered by the State Bank of Pakistan.



Who Can Invest in NPCs?

NPCs are available to:

Non-Resident Pakistanis

 

Resident Pakistanis

With declared assets abroad

Naya Pakistan Certificates Features

The Certificates offer the following attractive annualized rates of return:

3M 6M 12M 3Y 5Y
USD (%, Annualized)
5.50 6.00 6.50 6.75 7.00
PKR (%, Annualized)
9.50 10.00 10.50 10.75 11.00
GBP (%, Annualized)
5.25 5.50 5.75 6.25 6.50
Euro (%, Annualized)
4.75 5.00 5.25 5.50 5.75

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Different Tenors

3, 6, 12 month; 3, 5 year
Early encashment allowed
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Simple Tax

For NRPs, no tax filing
Only 10% withholding tax on profits
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Shariah Compliance

Both conventional and Shariah compliant
certificates are available
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Fully Repatriable 

No approvals required
for remitting funds abroad

Islamic Naya Pakistan Certificates

(Shariah Compliant Version)

  • INPCs are based on a Mudaraba structure whereby the investor invests in a Mudaraba pool that is used to extend Shariah compliant financing to the Federal Government.

  • Investment is remunerated from the profits earned by this pool.

  • For this purpose, Federal Government has created a special purpose vehicle, Islamic Naya Pakistan Certificate Company Limited (INPCCL) fully owned by it.

  • This company is housed and managed by the State Bank of Pakistan (SBP) on the basis of a mandate given by the company’s Board.

  • Since INPCs are offered in USD, GBP, Euro and PKR denomination, the company maintains separate Mudaraba pools for each respective currency i.e. USD, GBP, EURO and PKR.

    How Can You Invest in NPCs?


    1

    Open a Roshan Digital Account

    • Non-Resident Pakistanis (NRPs) can invest in NPCs through their Roshan Digital Accountwhich they can open online in a completely presence-less manner, without the need to visit any bank branch in Pakistan, or an embassy or a consulate. The account can be opened in PKR or foreign currency, or both. (Click here for details on how to open an account)


    • Resident Pakistanis who have declared assets abroad with FBR can invest in USD-denominated NPCs. To do so, they can open a Roshan Digital Account in foreign currency by visiting a bank branch in Pakistan. (Click here for details)



    2

    Transfer Funds in Your Account

    • After opening your Roshan Digital Account with the bank of your choice, you will remit funds from outside Pakistan through normal banking channels.


    • Using the funds in your account, you can invest in NPCs.



    3

    Choose the NPC and Subscribe

    • You will be able to subscribe to the certificate electronically using your bank’s online portal.


    • You will need to select the conventional or Shariah-form, currency (PKR, USD, Euro or Pound), tenor (3-month, 6-month, 1 year, 3 years and 5 years), and the amount to be invested.


    • The PKR-denominated NPCs can be purchased from the balance in your PKR Roshan Digital Account.


    • The USD, GBP and Euro-denominated NPCs can be purchased from the balance in your foreign-currency Roshan Digital Account. If you have a foreign-currency Roshan Digital Account in a currency other than the currency of NPC you intend to purchase, your bank will debit your account by applying the exchange rate prevailing at the time of execution of the transaction.



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    Please share your questions or feedback related to the Roshan Digital Accounts initiative with SBP at [email protected]

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