Islamabad: The government has issued shariah-compliant version of its saving certificates titled ‘Islamic Naya Pakistan Certificates’ which both resident and non-resident Pakistanis with foreign assets can invest in – in either dollar or rupee denominations, a news source reported on October 9. The move is aimed at boosting the country’s foreign exchange reserves.
Non-resident Pakistanis with a Roshan Digital Account and residents with assets abroad can invest in these certificates for a variety of durations between three months and five years. The eight banks dealing in the Roshan Digital Accounts initiative would establish two shariah-compliant assets worth USD 20 million and PKR 5 billion in this regard. Afterwards Pakistanis, both resident and non-resident, would become part of these assets following their investments in the saving certificates.
Moreover, the investors can encash their investments at any time – after a timeframe of one-month regardless of the pre-decided holding tenure. There will, however, be no profit paid if the holding period is less than 3 months.
