Digital Account Opening by Overseas Pakistanis
- How can I open Roshan Digital Account?
You can open this account by logging on to https://digionboard.faysalbank.com
Q: Which Accounts can I open?
Customers can choose an account based on their financial needs and product features. Faysal Islami offers twelve account types within our Current and Savings categories.
- Faysal Islami Savings Account PKR
- Faysal Islami Savings Account USD
- Faysal Islami Current Account PKR
- Faysal Islami Current Account USD
- Faysal Islami Current Account GBP
- Faysal Islami Current Account EUR
- Faysal Islami Current Account SAR
- Faysal Islami Current Account AED
- Faysal Islami Current Account CAD
- Faysal Islami Current Account CNY
Q: What is the eligibility criteria?
Following Individuals are eligible to open the account:
- Non-resident Pakistani Nationals (NRPs) having CNIC/ SNIC/ NICOP and Foreigners having Pakistan Origin Card (POC) can open an account as follows;
– Individually or
– Jointly* (FCY Account only with a Resident/Non-resident Pakistani both)
- Resident Pakistanis can open FCY account (having foreign assets declared in last tax return with FBR) Individually or Jointly with a Resident Pakistani only
- Employees or officials of the Federal Government or a Provincial Government posted abroad
- What is the definition of a Non-Resident Person?
As per the Income Tax Ordinance, 2001 (updated 31 Dec 2019)– Section 82, Division ll, Chapter 5;
An individual shall be a non-resident individual for a tax year if the individual —
- is outside of Pakistan for a period of, or periods amounting in aggregate to, 183 days or more in the tax year (July to June); or
- is outside of Pakistan for a period of, or periods amounting in aggregate to, 120 or more in the tax year and, in the four years preceding the tax year, has been outside of Pakistan for a period of, or periods amounting in aggregate to, 365 days or more.
- Can Resident Pakistanis open Roshan Digital Accounts in Faisal Islami?
Resident Pakistanis can only open Foreign Currency Roshan Digital Accounts at Faysal Bank through branches; provided that they have declared their assets held abroad, as per wealth statement declared in the latest tax return with the Federal Board of Revenue (FBR).
Q: Are these accounts Islamic?
Yes, these accounts are fully Shariah compliant duly approved by bank’s Shariah Board.
Q: What type of accounts I can open?
Current Accounts and Savings Accounts.
Q: In how many currencies can I open an account?
Currently you can open an account in Pakistani Rupees (PKR), US Dollars (USD), EURO, British Pound (GBP), Canadian Dollar (CAD), Dirhams (AED), Saudi Riyal (SAR) and Chinese Yuan (CNY) only.
- How is this account different from regular accounts other than having complete digital account opening?
- Investment in upcoming Shariah Compliant government sukuk /certificates will only be allowed for Roshan Digital Account with attractive rate of return
- Repatriation of funds: Customers can withdraw their funds through transfer into any of his/her account internationally
- Transfer between your Roshan Digital USD Account to Roshan Digital PKR Account
- Debit Card & Cheque Book delivery to the NRP customers in their respective countries
- Digital Services available via Digibank App & Digibank Internet banking (Customers can transfer funds to anyone, Bill payment, Mobile top-up, Zakat & Donation payments and all other transactions that are available in Net banking & Digital App)
*Conditions Apply
Q: With regards to account opening for NRP, what are the minimum documents required for online submission on portal?
- Original scanned CNIC/ NICOP/ POC
- Original scanned Passport (first 2 pages) (Pakistani and/or foreign/other country)
- Proof of NRP status (e.g. scanned copy of POC, visa, entry/exit stamps, etc.)
- Proof of Profession and Source of Income/Funds (e.g. scanned copy of job certificate, tax return, rent agreement, salary slips, etc.)
- Live Photo of customer
- Signature (Electronic)
- My passport has expired. Am I still eligible for opening Roshan Digital Account?
No, a valid passport is required to get this account activated
- Is my data, information and the documents uploaded to apply for the Roshan Digital Account safe and secure?
All information and documents shared are secure and will not be divulged. However, the Bank reserves the right to share any such information and data that may be legally obligated to divulge as per local/international laws, rules and regulations etc.
- I am an EU citizen; will my data and information be protected under the General Data Protection Regulation (GDPR)?
Customer’s information and documents are protected under the General Data Protection Regulation (GDPR) and will not be divulged. However, the Bank reserves the right to share any such information and data that may be legally obligated to divulge as per local/international laws, rules and regulations etc.
- Can I open more than one account?
Yes. Multiple accounts can be opened on a single CNIC/NICOP/POC, however one account request needs to be processed completely and verified before another request can be initiated.
Q: Is there any minimum amount required to open an account?
No.
- Is the account operated singly or jointly?
The joint account can be operated with the option of Either or Survivor
- Can I convert my normal account to Roshan Digital Account?
No, account conversion/ reclassification is not possible.
Q: What are the key features Faysal Islami Savings Account PKR?
- Available in PKR currency
- Digital Account Opening: Account will be opened digitally
- Simplified KYC process
- Islamic Savings Account opened on the basis of Mudarabah contract
- Halal returns on balance maintained in account
- Debit Virtual Card: for online payments
- Debit Card for purchases/ cash withdrawal: to be issued only on request of customer (not mandatory features)
- Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed), bill payments in Pakistan and Mobile top-ups
- Account can only be credited by foreign inward remittances through banking channel
- Repatriation of funds: Customers can withdraw their funds through transfer into any of his/her account internationally
Q: What are the key features Faysal Islami Savings Account USD?
- Available in US Dollars
- Digital Account Opening: Account will be opened digitally
- Simplified KYC process
- Islamic Savings Account opened on the basis of Mudarabah contract
- Halal returns on balance maintained in account
- Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed)
- Account can only be credited by foreign inward remittances originating from the account holder himself/ herself through formal channels (banks or money transfer companies)
- Repatriation of funds: Customers can withdraw their funds through transfer into any of his/her account internationally
Q: What are the key features Faysal Islami Current Account PKR?
- Available in PKR currency
- Digital Account Opening: Account will be opened digitally
- Simplified KYC process
- Account will be based on Qard contract
- Debit Virtual Card: for online payments
- Debit Card for purchases/ cash withdrawal in Pakistan: to be issued only on request of customer (not mandatory features)
- Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed), bill payments in Pakistan and Mobile top-ups
- Account can only be credited by foreign inward remittances originating from the account holder himself/ herself through formal channels (banks or money transfer companies)
- Repatriation of funds: Customers can withdraw their funds through transfer into any of his/her account internationally
Q: What are the key features Faysal Islami Current Account USD?
- Available in US Dollars
- Digital Account Opening: Account will be opened digitally
- Simplified KYC process
- Account will be based on Qard contract
- Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed)
- Account can only be credited by foreign inward remittances originating from the account holder himself/ herself through formal channels (banks or money transfer companies)
- Repatriation of funds: Customers can withdraw their funds through transfer into any of his/her account internationally
Q: What are the key features Faysal Islami Current Account GBP
- Available in British Pound (GBP)
- Digital Account Opening: Account will be opened digitally
- Simplified KYC process
- Account will be based on Qard contract
- Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed)
- Account can only be credited by foreign inward remittances originating from the account holder himself/ herself through formal channels (banks or money transfer companies)
- Repatriation of funds: Customers can withdraw their funds through transfer into any of his/her account internationally
Q: What are the key features Faysal Islami Current Account EUR
- Available in EURO currency
- Digital Account Opening: Account will be opened digitally
- Simplified KYC process
- Account will be based on Qard contract
- Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed)
- Account can only be credited by foreign inward remittances originating from the account holder himself/ herself through formal channels (banks or money transfer companies)
- Repatriation of funds: Customers can withdraw their funds through transfer into any of his/her account internationally
Q: What are the key features Faysal Islami Current Account SAR
- Available in Saudi Riyal (SAR)
- Digital Account Opening: Account will be opened digitally
- Simplified KYC process
- Account will be based on Qard contract
- Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed)
- Account can only be credited by foreign inward remittances originating from the account holder himself/ herself through formal channels (banks or money transfer companies)
- Repatriation of funds: Customers can withdraw their funds through transfer into any of his/her account internationally
Q: What are the key features Faysal Islami Current Account AED
- Available in Dirhams (AED)
- Digital Account Opening: Account will be opened digitally
- Simplified KYC process
- Account will be based on Qard contract
- Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed)
- Account can only be credited by foreign inward remittances originating from the account holder himself/ herself through formal channels (banks or money transfer companies)
- Repatriation of funds: Customers can withdraw their funds through transfer into any of his/her account internationally
Q: What are the key features Faysal Islami Current Account CAD
- Available in Canadian Dollars (CAD)
- Digital Account Opening: Account will be opened digitally
- Simplified KYC process
- Account will be based on Qard contract
- Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed)
- Account can only be credited by foreign inward remittances originating from the account holder himself/ herself through formal channels (banks or money transfer companies)
- Repatriation of funds: Customers can withdraw their funds through transfer into any of his/her account internationally
Q: What are the key features Faysal Islami Current Account CNY
- Available in Chinese Yuan (CNY)
- Digital Account Opening: Account will be opened digitally
- Simplified KYC process
- Account will be based on Qard contract
- Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed)
- Account can only be credited by foreign inward remittances originating from the account holder himself/ herself through formal channels (banks or money transfer companies)
- Repatriation of funds: Customers can withdraw their funds through transfer into any of his/her account internationally
- What is a Qard based account?
Faysal Islami Current accounts are based on the Islamic concept of Qard. Qard is a contract where the Bank has to pay back depositor’s money on demand. Also, the Bank reserves the right to use this money for investment and other purposes within the boundaries of Shariah. In Qard-based accounts, the accountholder is not entitled for any gain or loss on the deposit being held with the Bank.
- What is Mudarabah-based account?
Faysal Islami Saving Account is based on the Islamic concept of Mudarabah. A mudaraba is a partnership, contract/agreement between two or more parties. One party provides capital and the other party manages it. Accountholder, who deposits funds in a savings account is called Rab-ul Mal, and the Bank that manages the funds is called Mudarib. The Mudarib reserves the right to invest funds within the boundaries of Shariah.
- Is RDA a restricted account? If yes, what types of transactions are allowed?
Yes, this account is a special purpose restricted account where the following limitations apply:
- The account can only be funded by foreign inward remittances originating from the account outside Pakistan through banking channels. No other credit/deposit would be allowed.
- The account cannot be funded from within Pakistan, except from the profit and principal repayment against the Islamic investment made through the account.
- The account can only be utilized for:
- Investment in the Shariah-compliant certificates/stocks/sukuk, receiving halal returns and principal repayment, and
- Repatriation of such return and principal back to the customer’s own bank account in the country from which the investments were made
- All other legitimate Shariah compliant purposes locally allowed under the relevant Foreign Exchange regulations, including online banking (bill payments in Pakistan, Inter/ Intra bank Fund Transfers in Pakistan) and cash withdrawal in Pakistan
- How can I repatriate my funds?
Customers can initiate request for repatriation of funds through the Faysal Roshan Digital portal. Please note that funds can only be repatriated into the customer’s own bank account.
- Are there any charges on remitting funds into the Roshan Digital Account?
Charges for remitting of funds will be as per the current Faysal Bank Islamic Schedule of Charges (ISOC).
- Are Utility bill payments and other facilities available on this account?
Yes, utility bills and other payment facilities are also available through Mobile Digibank App and Digibank Internet Banking.
- Can the funds be transferred to any other local account in Pakistan?
Yes, funds may be transferred to any local account in Pakistan.
Q: Can resident of Pakistan transfer funds into this account?
No. Customer account can only be Fed by foreign inward remittance originating from outside Pakistan through formal banking channel.
Q: When funds can be deposited in account by customer?
Upon satisfactory completion of the requirements, the account will be opened and Faysal Bank will send welcome pack (through email) to the customer and request the customer to deposit funds and make the investment.
Q: Are there any taxes on Remittance?
No, there are no taxes on Remittance. However, WHT will be levied, where applicable, as per the regulatory requirement.
Q: What investment opportunities do I have through these accounts digitally?
You can invest in Barkat Investment Certificate offered by FBL, Shariah compliant Stocks through CDC accounts and in GOP Islamic instruments – Sukuk / Islamic Naya Pakistan Certificates.
Q: What are the key features of Barkat Investment Certificate ‘BIC’?
- BIC will be available in PKR and USD currency
- Flexible tenure options ranging from 1 Month, 3 Month, 6 Months and 1 Year
- Profit Payment Frequency of Monthly, Quarterly, Semi-Annually and Maturity will be available
- Minimum investment of PKR. 50,000 is required and USD 1,000
- Lucrative Halal profit returns
All taxes and Zakat will be applicable as per regulations. All regulatory conditions will be levied as defined in relevant government regulations.
- Will the customer be able to invest in Pakistani stocks through Roshan Digital Account?
PKR RDA account holders will be able to invest in Shariah Compliant stocks (KMI All Index) by applying for an account with the CDC through the Faysal Bank Roshan Digital portal https://digionboard.faysalbank.com
- How can the customer invest in stocks through their CDC account?
The customer will have their account opened with the CDC through the Faysal Bank Digital Portal, which will be funded through their Roshan Digital Account held with Faysal Bank. These funds will be used to purchase Shariah Compliant stocks (KMI All Index) via brokerage house of the customer’s choice.
- How can I buy NAYA PAKISTAN CERTIFICATE?
Faysal Bank RDA account holders can invest in the Islamic Naya Pakistan Certificate and these certificates are available in USD & PKR (Resident Pakistani can invest in USD only).
- Do I have to fill the application form in one session? Will my data be saved some where if I close the website by mistake?
Customers can fill out the application form in multiple sessions. The information is automatically saved as the customer fills out the form, after submission of first page and can resume later by entering the provided reference number through email. Once a document is submitted, customer will not be able to make any amendments. We request the customers to view the documentation requirements prior to starting their application and keep them handy during the application submission process.
- Where can I get help in case there is an issue while completing the application?
In case of query throughout any stage of the application process, please contact us at [email protected] or call us at +92 21 111 06 06 06 where our 24/7 contact center staff will be able to assist you.
Q: Opening an account is fully digital for customer or there would be some documents to be dispatch later on?
Yes, it is complete seamless digital journey for the customers. All required documents would require to be uploaded in soft version.
Q: How KYC will be done by the Bank?
Relationship Manager will contact customer over email and / or telephone call and KYC will also be done over recorded telephone lines.
Q: What is the turnaround time (TAT) for account opening?
The account will be opened within 48 hours.
- Will a cheque book be issued with Roshan Digital Account?
Yes, Cheque book is available Roshan Digital Accounts.
- Will a debit card be issued against Roshan Digital account?
Yes. Currently, all PKR Roshan Digital account holders of following accounts can avail this facility.
- Faysal Islami Current Account PKR
- Faysal Islami Saving Account PKR
- Which debit card type/variant can be availed against PKR Roshan Digital account?
Faysal Bank MasterCard Classic can be availed against PKR Roshan Digital account.
- Where will the debit card be delivered?
Debit card shall be delivered at the customer’s provided correspondence address.
- Can the debit card be used on international Point of Sale (POS) terminals?
Yes, these debit cards are accepted at over millions of POS terminals in more than 200+ countries around the globe. Debit Card can be activated through our call center at +92 21 111 11 71 71 before usage.
- How long will it take to deliver the debit card?
Delivery of debit cards shall take 15 days on average; however, this may vary subject to the destination country.
- Are there any Courier charges for the delivery of cheque book/debit card?
Courier charges as per Bank’s Schedule of Charges
please write to us on: [email protected] or 
Call +92 111 06 06 06
Karachi
