INPC: Government introduces Shariah-compliant regulations

Muhammad UsmanMultimedia Journalist

10th Oct, 2020. 07:54 pm
Islamic Naya Pakistan Certificates

The government has introduced Shariah-compliant regulations to enable resident and non-resident Pakistanis to invest in foreign currencies through Islamic Naya Pakistan Certificates (INPCs) that will build up the foreign exchange reserves, and support the economy of Pakistan.

The government of Pakistan has introduced Shariah-compliant regulations for Pakistanis and non-resident Pakistanis to invest in foreign currencies through Islamic Naya Pakistan Certificates (INPCs).

According to the details, the INPCs will support Pakistan’s economy and will make the foreign exchange reserves.

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.


For resident and non-resident Pakistanis, eight local banks formally launched the Islamic saving certificates in both the currencies as the government introduced the INPC regulations. The eight banks are:

Habib Bank Limited
MCB Bank
Meezan Bank
Faysal Bank
Standard Chartered Bank
Bank Alfalah
Samba Bank
United Bank Limited

According to the regulations, the bank would make two Shariah-compliant assets (Mudaraba pools) worth $20 million and Rs. 5 billion. The banks would quit after the resident and non-resident Pakistani invested in the saving certificates. However, Pakistanis would have to provide the receipts to the federal government.

Profit Rates of Islamic Naya Pakistan Certificates (NPCs)

The government is offering an annual profit of 5.5% on the three-month certificate, 6% on the six-month certificate, 6.5% on a 12-month, 6.75% on three-year, and 7% on the five-year saving certificate, on the foreign currencies’ investment in NPC.

On the other hand, the government is providing 9.5% on the three-month certificate, 10% on a six-month certificate, 10.5% on 12-month, 10.75% on three-year, and 11% on the five-year saving certificate annualized return on local-rupee investments.

Pakistanis living abroad can pull out investment any them after investing in the saving certificates for almost one month.

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