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.