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Islamic
Naya Pakistan Certificate

Invest in Pakistan's Future

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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 FCY and PKR denominations.

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 FCY and PKR denominations.
  • Amount of Investment in each tenor certificate shall be as under
  • US Dollar Denominated Certificates Minimum investment of USD 1,000 with integral multiples of USD 500.
  • PKR Denominated Certificates Minimum investment of PKR 10,000 with Integral multiples of PKR 1,000.
  • GBP Denominated Certificates Minimum investment of GBP 1,000 with integral multiples of GBP 500.
  • EURO Denominated Certificates Minimum investment of EUR 1,000 with integral multiples of EUR 500.

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

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.

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 January 2025

Mudarabah Pool

INPCCL (Mudarib) Share

Investor (Rab-ul-Maal) Share

PKR

35% of distributable income

65% of distributable income

USD

55% of distributable income

45% of distributable income

GBP

65% of distributable income

35% of distributable income

Euro

70% of distributable income

30% of distributable income

Weightages and expected rate of profit for January 2025:

For USD Denominated Islamic Naya Pakistan Certificates

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 Year – Half Year profit payment

6.75%

2.20

USD 5 Year – Half Year profit payment

7.00%

2.30

Banks’ investment in the Pool

5.75%

1.00

For USD Denominated Islamic Naya Pakistan Certificates-I

Tenor

Expected Return

Profit Weightage Assigned

USD 3 Months – Profit payment at Maturity

7.00%

1.70

USD 6 Months – Profit Payment at Maturity

7.20%

1.85

USD 12 Months – Profit Payment at Maturity

7.50%

2.10

USD 3 Year – Half Year profit payment

8.00%

2.20

USD 5 Year – Half Year profit payment

8.00%

2.30

Banks’ investment in the Pool

5.75%

1.00

For USD Denominated Islamic Naya Pakistan Certificates-II

Tenor

Expected Return

Profit Weightage Assigned

USD 3 Months – Profit payment at Maturity

8.25%

2.10

USD 6 Months – Profit Payment at Maturity

8.50%

2.25

USD 12 Months – Profit Payment at Maturity

9.00%

2.30

USD 3 Year – Half Year profit payment

8.00%

2.20

USD 5 Year – Half Year profit payment

8.00%

2.20

Banks’ investment in the Pool

5.75%

1.00

For PKR denominated Islamic Naya Pakistan Certificates

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 Year – Half Year profit payment

10.75%

1.27

PKR 5 Year – Half Year profit payment

11.00%

1.30

Banks investment in the Pool

17.00%

1.00

For PKR denominated Islamic Naya Pakistan Certificates-I

Tenor

Expected Return

Profit Weightage Assigned

PKR 3 Months – Profit payment at Maturity

15.00%

1.80

PKR 6 Months – Profit payment at Maturity

15.25%

1.85

PKR 12 Months – Profit payment at Maturity

15.50%

1.90

PKR 3 Year – Half Year profit payment

14.00%

1.75

PKR 5 Year – Half Year profit payment

13.50%

1.65

Banks investment in the Pool

17.00%

1.00

For PKR denominated Islamic Naya Pakistan Certificates-II

Tenor

Expected Return

Profit Weightage Assigned

PKR 3 Months – Profit payment at Maturity

21.00%

2.20

PKR 6 Months – Profit payment at Maturity

21.25%

2.25

PKR 12 Months – Profit payment at Maturity

21.50%

2.30

PKR 3 Year – Half Year profit payment

17.50%

2.00

PKR 5 Year – Half Year profit payment

15.00%

1.90

Banks investment in the Pool

17.00%

1.00

*These revised rates and weightages for PKR INPCs 1 shall be effective from the date, to be announced separately, by INPCCL.

For GBP denominated Islamic Naya Pakistan Certificates

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 Year - Half Year profit payment

6.25%

2.50

GBP 5 Year - Half Year profit payment

6.50%

2.60

Banks investment in the Pool

5.25%

1.00

For GBP denominated Islamic Naya Pakistan Certificates-I

Tenor

Expected Return

Profit Weightage Assigned

GBP 3 Months - Profit payment at Maturity

5.50%

2.10

GBP 6 Months - Profit payment at Maturity

6.00%

2.20

GBP 12 Months - Profit payment at Maturity

7.00%

2.30

GBP 3 Year - Half Year profit payment

7.50%

2.50

GBP 5 Year - Half Year profit payment

7.50%

2.60

Banks investment in the Pool

5.25%

1.00

For GBP denominated Islamic Naya Pakistan Certificates-II

Tenor

Expected Return

Profit Weightage Assigned

GBP 3 Months - Profit payment at Maturity

7.25%

2.20

GBP 6 Months - Profit payment at Maturity

7.50%

2.30

GBP 12 Months - Profit payment at Maturity

8.00%

2.40

GBP 3 Year - Half Year profit payment

7.50%

2.50

GBP 5 Year - Half Year profit payment

7.50%

2.60

Banks investment in the Pool

5.25%

1.00

For Euro denominated Islamic Naya Pakistan Certificates

Tenor

Expected Return

Profit Weightage Assigned

Euro 3 Months – Profit payment at Maturity

4.75%

2.71

Euro 6 Months – Profit payment at Maturity

5.00%

2.86

Euro 12 Months – Profit payment at Maturity

5.25%

3.00

Euro 3 Year – Half Year profit payment

5.50%

3.14

Euro 5 Year – Half Year profit payment

5.75%

3.29

Banks investment in the Pool

4.00%

1.00

For Euro denominated Islamic Naya Pakistan Certificates-I

Tenor

Expected Return

Profit Weightage Assigned

Euro 3 Months – Profit payment at Maturity

4.00%

2.71

Euro 6 Months – Profit payment at Maturity

4.50%

2.86

Euro 12 Months – Profit payment at Maturity

5.00%

3.00

Euro 3 Year – Half Year profit payment

6.50%

3.14

Euro 5 Year – Half Year profit payment

6.50%

3.29

Banks investment in the Pool

4.00%

1.00

For Euro denominated Islamic Naya Pakistan Certificates-II

Tenor

Expected Return

Profit Weightage Assigned

Euro 3 Months – Profit payment at Maturity

6.25%

2.80

Euro 6 Months – Profit payment at Maturity

6.50%

2.90

Euro 12 Months – Profit payment at Maturity

7.00%

3.20

Euro 3 Year – Half Year profit payment

6.50%

3.14

Euro 5 Year – Half Year profit payment

6.50%

3.29

Banks investment in the Pool

4.00%

1.00

It is hereby informed that USD, GBP and EURO INPCs II have been launched and made effective from 10th October 2023.

Currency

Minimum Investment

Rate of return (Gross annual return before tax)

3-M

6-M

12-M

3-Y

5-Y

USD

1,000 with integral multiples of 500

8.25%

8.50%

9.00%

8.00%

8.00%

PKR

10,000 with integral multiples of 1,000

21.00%

21.25%

21.50%

17.50%

15.00%

GBP

1,000 with integralP multiples of 500

7.25%

7.50%

8.00%

7.50%

7.50%

Euro

1,000 with integral multiples of 500

6.25%

6.50%

7.00%

6.50%

6.50%

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.

INPC: Applicable on Fresh Bookings from 1st October, 2022

INPC-I: Applicable on Fresh Bookings from 23rd January, 2023

INPC-II: Applicable on Fresh Bookings from 10th October, 2023

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