The State Bank of Pakistan issued a statement on Friday that it has started issuing the Islamic Naya Pakistan Certificates (INPCs) for residents and expatriates who have their properties abroad.
Sharing the notification on Twitter, SBP stated that,
” INPCs are in full conformity with Shariah Principles and have been certified by reputed Shariah Scholars.”
It further stated,
“Very attractive expected rates of 5.5-7% on USD & 9.5-11% on PKR #INPCs. INPCs are available only through Roshan Digital Accounts which can be opened online by Overseas Pakistanis & by visiting a branch of one of the 8 RDA banks by Resident Pakistanis”
1/2 Islamic #NayaPakistanCertificate #INPCs Launched! GOP/#SBP has today started issuing #INPCs for Overseas #Pakistanis & Resident Pakistanis with declared assets abroad. #INPCs are in full conformity with Shariah Principles and have been certified by reputed Shariah Scholars.
— SBP (@StateBank_Pak) October 23, 2020
Earlier, the government had introduced Shariah-compliant regulations to enable resident and non-resident Pakistanis to invest in foreign currencies through Islamic Naya Pakistan Certificates (INPCs) that would build up the foreign exchange reserves, and support the economy of Pakistan.
As per the regulations, the non-resident Pakistanis, who have an account at a local bank under Roshan Digital Account (RDA), and resident Pakistani, who have declared their assets in abroad with the Federal Board of Revenue (RDA), can invest in the three-month to five-year-long Shariah-compliant saving certificates – Islamic Naya Pakistan Certificates (INPCs). They can invest in both the currencies, foreign currencies (especially the US dollar), and Pakistani rupees.