Naya Pakistan Certificate

Introduction

Naya Pakistan Certificates (NPCs) are USD, PKR, Euro and GBP-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 are administered by the State Bank of Pakistan.

Who Can Invest in NPCs?

NPCs are available to

Non-Resident Non-Pakistani Individuals
Non-Resident Non-Pakistani Entities

Naya Pakistan Certificates Features

The Certificates offer the following attractive annualized rates of return:

6.75

3M	6M	12M	3Y	5Y
USD (%, Annualized)
6.75	7.00	7.25	7.50	7.75
PKR (%, Annualized)
10.75	11.00	11.00	11.25	11.50
GBP (%, Annualized)
6.75	7.25	7.50	7.75	8.00
Euro (%, Annualized)
4.75	5.25	5.50	6.00	6.25
SAR (%, Annualized)
6.50	6.75	7.00	7.25	7.50
AED (%, Annualized)
6.50	6.75	7.00	7.25	7.50

Above mentioned rates for USD, GBP and EUR shall be applicable on issuances from 27 March, 2026 onwards whereas rates for PKR, SAR and AED shall be applicable on issuances from 05 June, 2026 onwards.

Note: For Islamic Naya Pakistan Certificates, actual profit rates will be calculated in line with the Islamic principle of Mudarabah, based on the actual financials of the month.

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, the Federal Government has created a special purpose vehicle, Islamic Naya Pakistan Certificate Company Limited (INPCCL) which is fully owned by Federal Government
This company is housed at and managed by managed by the State Bank of Pakistan (SBP) based on a mandate given by the company’s Board.
Since INPCs are offered in USD, GBP, Euro, SAR, AED and PKR denominations, the company maintains separate Mudaraba pools for each respective currency i.e. USD, GBP, Euro and PKR.