Naya Pakistan Certificates (NPCs) are USD and PKR-denominated sovereign instruments issued by the Government of Pakistan. NPCs offer attractive risk-free returns over different maturities. They are available in both conventional and Shariah compliant versions and administered by the State Bank of Pakistan.
Who Can Invest in NPCs?
NPCs are available to:
- Non-Resident Pakistanis
- Resident Pakistanis (With declared assets abroad )
Naya Pakistan Certificates Features
The Certificates offer the following attractive annualized rates of return:
| 3M | 6M | 12M | 3Y | 5Y | |
| USD (%, Annualized) | 5.50 | 6.00 | 6.50 | 6.75 | 7.00 |
| PKR (%, Annualized) | 9.50 | 10.00 | 10.50 | 10.75 | 11.00 |
Different Tenors
3, 6, 12 month; 3, 5 year
Early encashment allowed
Simple Tax
For NRPs, no tax filing
Only 10% withholding tax on profits
Shariah Compliance
Both conventional and Shariah compliant
certificates are available
Fully Repatriable
No approvals required
for remitting funds abroad
Islamic Naya Pakistan Certificates
(Shariah Compliant Version)
- INPCs 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, 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.
- Since INPCs are offered in both USD and PKR denomination, the company maintains separate Mudaraba pools for USD and PKR.
How Can You Invest in NPCs?
NPCs are offered digitally through the following banks
1. Open a Roshan Digital Account
- Non-Resident Pakistanis (NRPs) can invest in NPCs through their Roshan Digital Accountwhich 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.
