NPCs are based on a Mudaraba structure whereby the investor invests in a Mudaraba pool that is used to extend financing to the Federal Government. Investment is remunerated from the profits earned by this pool. For this purpose, the Federal Government has created a Limited Liability Company fully owned by it.
This company is housed and managed by the State Bank of Pakistan (SBP) on the basis of a mandate given by the company’s Board.
Here is how you can invest in NPCs.
Open a Roshan Digital Account
Non-Resident Pakistanis (NRPs) can invest in NPCs through their Roshan Digital Account which they can open online in a completely presence-less manner, without the need to visit any bank branch in Pakistan, or an embassy or a consulate. The account can be opened in PKR or foreign currency, or both. (Click here for details on how to open an account)
Resident Pakistanis who have declared assets abroad with FBR can invest in USD-denominated NPCs. To do so, they can open a Roshan Digital Account in foreign currency by visiting a bank branch in Pakistan. (Click here for details)
2 Transfer Funds in Your Account
After opening your Roshan Digital Account with the bank of your choice, you will remit funds from outside Pakistan through normal banking channels.
Using the funds in your account, you can invest in NPCs.
3 Choose the NPC and Subscribe
You will be able to subscribe to the certificate electronically using your bank’s online portal.
You will need to select the currency (PKR or USD), tenor (3-month, 6-month, 1 year, 3 years, and 5 years), conventional or Shariah-form, and the amount to be invested.
The PKR-denominated NPCs can be purchased from the balance in your PKR Roshan Digital Account.
The USD-denominated NPCs can be purchased from the balance in your foreign-currency Roshan Digital Account. If you have a foreign-currency Roshan Digital Account in a currency other than USD, your bank will debit your account by applying the exchange rate prevailing at the time of execution of the transaction.