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Islamic Naya Pakistan Certificate

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The Islamic Naya Pakistan Certificate are issued by Government of Pakistan, for Roshan Digital Account holders. Non-resident Pakistanis & Resident Pakistanis (with declared assets abroad) can now invest in Islamic Naya Pakistan Certificates.

Investors will be able to invest into both short term (3-Months, 6-Months, 12-Months) and long term (3-Years and 5-Years) certificates of both USD and PKR denominations.

Important Information:

  • The Islamic Naya Pakistan Certificate is available to non-resident or resident Pakistanis holding Roshan Digital Account in banks.
  • Roshan Digital Account funding must be through funds remitted after 30th June 2020.
  • Certificates cannot be rolled-over or automatically reinvested.
  • These certificates can be pledged as collateral/security under applicable SBP rules.
  • Certificates are non-transferrable except under relevant laws.
  • The profit received on certificate will be subject to applicable law.
  • The certificates are exempt from compulsory zakat deduction.

Features:

The Certificates can only be subscribed by eligible individuals through Foreign Currency Value Account (FCVA) or Non-Resident Pakistani Rupee Value Account (NRVA), being marketed as Roshan Digital Accounts (RDAs).

  • Investors will be able to invest into both short term (3-Months, 6-Months, 12-Months) and long term (3-Years and 5-Years) certificates of both USD and PKR denominations.
  • Amount of Investment in each tenor certificate shall be as under
  • US Dollar Denominated Certificates Minimum investment of USD 5,000 with integral multiples of USD 1,000.
  • PKR Denominated Certificates Minimum investment of PKR 100,000 with Integral multiples of PKR 10,000.
  • GBP Denominated Certificates Minimum investment of GBP 5,000 with integral multiples of GBP 1,000.
  • EURO Denominated Certificates Minimum investment of EUR 5,000 with integral multiples of EUR 1,000.

The Islamic Naya Pakistan Cretificates of the 3-Month, 6-Month and 12-Month tenors shall be single-profit securities on which principal and profit shall be paid on maturity or on premature encashment. Whereas, 3-Year and 5-year INPCs shall be profit securities, on which periodic profit payment shall be paid on half yearly basis

Procedure for Periodic payments:

  • The periodic profit payments shall be made on six (6) monthly basis only in respect of Islamic Naya Pakistan Certificate of 3-year and 5-year maturities in their respective currencies.
  • The six (6) months for the periodic payment shall be determined from the date of issuance of the certificates. For example: if certificates are issued on 10th September 2020, the profit payments shall be made on 10th March 2021 and on subsequent six-monthly dates accordingly.
  • In case of a holiday on the periodic profit or principal payment date, the next working day falling after the holiday will be considered the periodic profit date/principal payment date. In such case, no profit will be payable for the period of the holidays.

Premature encashment:

  • Investors can have premature encashment of their certificates.
  • There shall be no premature encashment within the first month of issuance of INPCs.
  • Premature Encashment proceeds shall be worked-out such that rate of return accruing to that investor is equivalent to rate of return of the nearest shorter maturity of Certificates or such rate as may be notified by Finance Division from time to time.

Profit Sharing Ratio (PSR) for the month of February 2021:

Mudarabah Pool Islamic NPC (as Mudarib) share Investor/Customer (as Rab-ul-Maal) Share
PKR 35% of the distributable income 65% of the distributable income
USD 55% of the distributable income 45% of the distributable income
GBP 60% of distributable income 40% of distributable income
EUR 65% of distributable income 35% of distributable income

Weightages for the month of February 2021

Tenor Expected Return Profit Weightage Assigned
PKR 3 Months – Profit Payment at Maturity 9.50% 1.10
PKR 6 Months – Profit Payment at Maturity 10.00% 1.20
PKR 12 Months – Profit Payment at Maturity 10.50% 1.25
PKR 3 Years – Half Year Profit Payment 10.75% 1.27
PKR 5 Years – Half Year Profit Payment 11.00% 1.30
Bank’ investment in the Pool 8.25% 1.00
Tenor Expected Return Profit Weightage Assigned
USD 3 Months – Profit Payment at Maturity 5.50% 1.70
USD 6 Months – Profit Payment at Maturity 6.00% 1.85
USD 12 Months – Profit Payment at Maturity 6.50% 2.10
USD 3 Years – Half Year Profit Payment 6.75% 2.20
USD 5 Years – Half Year Profit Payment 7.00% 2.30
Bank’ investment in the Pool 3.00% 1.00
Tenor Expected Return Profit Weightage Assigned
GBP 3 Months – Profit Payment at Maturity 5.25% 2.10
GBP 6 Months – Profit Payment at Maturity 5.50% 2.20
GBP 12 Months – Profit Payment at Maturity 5.75% 2.30
GBP 3 Years – Half Year Profit Payment 6.25% 2.50
GBP 5 Years – Half Year Profit Payment 6.50% 2.60
Bank’ investment in the Pool 2.50% 1.00
Tenor Expected Return Profit Weightage Assigned
EUR 3 Months – Profit Payment at Maturity 4.75% 2.71
EUR 6 Months – Profit Payment at Maturity 5.00% 2.86
EUR 12 Months – Profit Payment at Maturity 5.25% 3.00
EUR 3 Years – Half Year Profit Payment 5.50% 3.14
EUR 5 Years – Half Year Profit Payment 5.75% 3.29
Bank’ investment in the Pool 1.75% 1.00

Note:

*Please note that the expected rates are just indicative in nature as actual profit rates will be calculated in line with the Islamic principle of Mudarabah, based on the actual results of the Mudarabah Pools using the aforementioned PSR and Weightages.

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