Overview

Islamic Naya Pakistan Certificates (INPCs) are issued by Government of Pakistan, for Foreign Currency Value Account holder (FCVA) and Pakistani Rupee Value account holder (NRVA), to invest in Shariah compliant profit yielding certificates. These certificates also provide opportunity to investors to contribute towards development of Pakistan.

Investors shall have the option to subscribe to either PKR denominated or US Dollar denominated certificates of 3-Month, 6-Month, 12-Month, 3-Year and 5-Year tenors.

Shariah Approval

Islamic Naya Pakistan Certificate’s product structure, underlying agreements and terms & conditions are approved by both Shariah Advisory Committee of State Bank of Pakistan and Shariah Board of Habib Bank Limited.

Shariah Structure

Shariah structure of INPCs is provided Click here​

Important Information:

• 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 Certificate shall not be automatically reinvested or rolled over after the maturity date.
• The Certificates shall be pledge-able as security for raising financing in Pakistan subject to such conditions as may be prescribed by SBP.
• The Certificates shall not be transferable except if required under the relevant laws.
• The applicable profit on the Certificates shall be subject to deduction of tax in accordance with the law.
• The Certificates shall be exempt from compulsory deduction of zakat.

Features:

• The Certificates can only be subscribed by eligible individuals (as defined in Rule 3 of NPC Rules, 2020) through Foreign Currency Value Account (FCVA) or Non-Resident Pakistani Rupee Value Account (NRVA), being marketed as Roshan Digital Accounts (RDAs) at HBL.
• 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 Investment in each tenor certificate shall be as under:
• US Dollar Denominated Certificates Minimum investment of USD 1,000 with integral multiples of USD 500.
• PKR Denominated Certificates Minimum investment of PKR 10,000 with Integral multiples of PKR 1,000.
• For 3-Month, 6-Month and 12-Month tenor certificates, principal and profit shall be paid on maturity or on premature encashment. For 3-Year and 5-year certificates periodic profit payment shall be paid on half-yearly basis.

Procedure for periodic profit payments:

• The periodic profit payments shall be made on six (6) monthly basis only in respect of INPC of 3-year and 5-year maturities in their respective currencies.
• The six (6) months for the periodic profit payment shall be determined from the date of issuance of the certificates. For example: if certificates are issued on 10th September 2020, the profit payments shall be made on 10th March 2021 and on subsequent six-monthly dates accordingly.
• In case of a holiday on the periodic profit or principal payment date, the next working day falling after the holiday will be considered the periodic profit date/principal payment date.

Redemption/Early termination:

• Investors can have redemption/premature encashment of their certificates after one month.
• Incase of premature encashment after one month and before three months, the investor’s share shall be redeemed at a discounted price by applying a discount on announced profit rates for that category of investor
• After three months, the investor shall be given profit of the nearest shortest tenor.

Disclaimer

• The above instructions are subject to change from time to time.