SBP starts issuing Islamic Naya Pakistan Certificates for expatriates

KARACHI: The State Bank of Pakistan (SBP) has started issuing the Islamic Naya Pakistan Certificates (INPCs) for expatriates and residents who own properties abroad, it said in a statement issued Friday.

The "#INPCs are in full conformity with Shariah Principles and have been certified by reputed Shariah Scholars", the SBP said on Twitter.

The central bank further announced that "very attractive expected rates" were being offered on the INPCs, with 5.5-7% and 9.5-11% rates on dollar- and rupee-denominated ones, respectively.

The "INPCs are available only through #RoshanDigitalAccounts which can be opened online by Overseas Pakistanis & by visiting a branch of one of the 8 #RDA banks by Resident Pakistanis," it added.

Read more: SBP's Reza Baqir announces 'Roshan Digital Accounts' for overseas Pakistanis

The Roshan Digital Accounts for some nine million non-resident overseas Pakistanis were announced by SBP Governor Dr Reza Baqir back in August in a move that is aimed at attracting investment from the diaspora to bolster foreign exchange reserves.

Dr Baqir had told Bloomberg in an interview that the new accounts would allow overseas Pakistanis to invest money in local stock markets, buy government bonds and securities, and avail basic banking services.

Related: PM Imran says remittances remain over $2 billion for ‘fourth consecutive month’

The new initiative brought convenience to non-residents as they do not have to visit the consulate or embassy to open a bank account anymore.

"We are fairly optimistic that it will sustain, part of that is the stimulus that we have provided," he had added.

Also read: Overseas Pakistanis to get digital banking facility, says Zulfi Bukhari

Of the same facility, Special Assistant to the Prime Minister on Overseas Pakistanis and Human Resource Development Sayed Zulfiqar Bukhari had said the digital banking facility would allow expatriates to "make direct payments and investments in the country".

The premier's aide had termed the initiative a great investment opportunity for the Pakistani community living abroad. The plan has been designed according to the vision of Prime Minister Imran Khan, he had said.