Investment in Islamic Naya Pakistan Certificates (INPCs)

Islamic Naya Pakistan Certificates (INPC) are sovereign instruments issued by Government of Pakistan. These certificates offer lucrative rate of return and are available in five tenors namely; 3-month, 6-month, 12-month, 3-year and 5-year in order to make it convenient for you to save for your future needs and see your savings grow.

In accordance with the guidelines of the State Bank of Pakistan, the Non-Resident Pakistanis (NRPs) can open their PKR - Non-Resident Value Account (NRVA) or Foreign Currency Value Account (FCVA) in USD, GBP or EUR,, using Samba Bank Limited’s Roshan Digital Account (RDA) platform without coming to Pakistan and instantly start investing in the INPCs using our digital banking platform from anywhere in the world.

If you are Non-Resident Pakistani, below is a brief process flow for investment in the INPCs:

  • Visit our Roshan Digital Account page
  • Open NRVA and / or FCVA Account within 48 hours
  • Log-on to Samba’s Digital Banking interface
  • Complete your INPC investment in PKR or USD, GBP or EUR in a few clicks

The Resident Pakistanis, having duly declared assets held abroad as declared in their latest wealth statement filed with the Federal Board of Revenue (FBR), can also invest in the Islamic Naya Pakistan Certificate (INPCs) by visiting any branch of Samba Bank Limited in Pakistan for opening Foreign Currency Value Account (FCVA) in USD, GBP or EUR.

If you are Resident Pakistani, below is a brief process flow for investment in the INPCs:

  • Visit your nearest Samba Bank Limited branch in Pakistan
  • Open FCVA – USD Account on fast-track along with submission of latest wealth statement
  • Log-on to Samba’s Digital Banking interface
  • Complete your INPC investment USD, GBP or EUR in a few clicks

Investment in Certificates

  • The Certificates are scrip less in nature and shall be subscribed by eligible individuals (as defined in Rule 5 of NPC Rules, 2020).
  • The funds for investment in Certificates must be remitted from abroad in the investor’s FCVA or NRVA after 30th day of June 2020.
  • The investors shall have the option to subscribe either PKR denominated or US Dollar denominated certificates of 3-Month, 6-Month, 12-Month, 3-Year and 5-Year tenors.

Amount of Investments

Amount of Investment in each tenor certificate shall be as under

US Dollar Denominated Certificates
Minimum investment of USD 5,000 with integral multiples of USD 1,000.
PKR Denominated Certificates
Minimum investment of PKR 100,000 with Integral multiples of PKR 10,000.
GBP Denominated Certificates
Minimum investment of GBP 5,000 with integral multiples of GBP 1,000.
EUR Denominated Certificates
Minimum investment of EUR 5,000 with integral multiples of EUR 1,000.

Rate of Return on Investment in Certificates

 

The Profit Sharing Ratios (PSR) for INPCs will be announced prior to the commencement of the investment period. The weightages (profit sharing ratio for weighted average investment) shall be assigned to the INPC investors based on the tenor of investment held by them as per the scheme parameters, for the purpose of calculation of profit.

The weightages applicable shall be announced every month and will be available at SBP’s website 3 working days before the beginning of the period concerned and shall not be changed during the period.

To find out the Profit Sharing Ratios and the respective weightages, scroll down to the bottom of the page.

Early Redemption / Premature Encashment

The premature encashment of the Islamic Naya Pakistan Certificates (INPC) shall be in accordance with the State Bank of Pakistan (SBP) circular No. SFAD / 3112 / INPC – 2020 dated October 28, 2020 (and SBP Circular No. 7 of 2020 dated October 22, 2020).

  • •For rules regarding the encashment of the PKR denominated Islamic Naya Pakistan Certificates (INPC), please scroll down to the bottom of the page to find Annexure “A” issued by the SBP Letter NO.SFAD/3112/INPC-2020
  • •For rules regarding the encashment of the USD, GBP or EUR denominated Islamic Naya Pakistan Certificates (INPC), please scroll down to the bottom of the page to find Annexure “B” issued by the SBP Letter NO. SFAD/3112/INPC-2020

Profit Payout Frequency & Maturity Proceeds

  • The Payment of Profit will be on maturity basis for three, six and twelve month INPCs whereas it will be on six – monthly basis for three years and five year INPCs.
  • The applicable profit or loss shall be paid to the investor’s designated bank account

Redemption at Maturity

  • Maturity proceeds of Certificates, including the amount of final coupon (net of deduction of tax), shall be credited to the FCY Clearing account or PKR current account of Samba Bank Limited’s account maintained with SBP
  • On realization of maturity proceeds by Samba Bank Limited in its accounts with the SBP, the bank will credit the FCVA or NRVA of respective investor on the same day
  • The Certificate shall not be automatically reinvested or rolled-over after the maturity date

Zakat

  • The Naya Pakistan Certificate (NPC) is exempted from compulsory deduction of Zakat at source under section 3 of the Zakat and Ushr Ordinance, 1980 (XVIII of 1980).

As per the rules of Mudarabah, expected rates should not be considered as profit rate confirmation or guarantee, they are given to provide an idea to the investors. Actual profit rates will be calculated in line with the Islamic principle of Mudarabah, based on the actual financials of the month.