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Bank AL Habib has always endeavored to support Pakistan in achieving its economic objectives for growth and prosperity. The Bank now offers Islamic Naya Pakistan Certificates (INPCs), Shariah compliant PKR, USD, GBP & EUR denominated instruments issued by the Government of Pakistan on the basis of Mudarabah with attractive risk-free returns over different maturities.
Shariah Compliant
Islamic Naya Pakistan Certificates (INPCs) are Shariah compliant certificates issued on the basis of Mudarabah. Under this arrangement, the holder of certificate is an investor (Rab-ul Maal) and Islamic Naya Pakistan Certificate Company Limited (INCCPL) is the Manager (Mudarib) of the funds deposited by the investors. These funds are then invested in a deposit pool comprising of Shariah-compliant transactions and the return is shared between the investors and INCCPL as per the pre-determined profit-sharing ratios and weightages.
Eligibility
- AL Habib Roshan Digital Account (RDA) Holders (Singly and Jointly Operated)
- The funds for investment in Certificates must be remitted from abroad
Currency
- Certificates can be booked in PKR, USD, GBP and EUR currencies.
Investment process
Investor will submit the request through Bank AL Habib Roshan Digital Account web page and provide investment details such as;account no, tenure, currency and amount to be invested. Funds will be debited from customers Roshan Digital Account for onwardpurchasing or certificate from SBP.
Naya Pakistan Certificate Tutorials
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- PKR 10,000 with integral multiples of 1,000
- USD 1,000 with integral multiples of 500
- GBP 1,000 with integral multiples of 500
- EUR 1,000 with integral multiples of 500
Profit Payout (Coupon Payment)
- 3 months, 6 months and 12 months = At Maturity
- 3 and 5 Years = Bi Annual
- The six (6) months for the periodic profit payment shall be determined from the date of issuance of the certificates. For example: ifcertificates are issued on 10th September 2020, the profit payments shall be made on 10th March 2021 and on subsequent six-monthlydates accordingly
Profit Sharing Ratio (PSR) for the Month of May 2024
| Mudarabah Pool | INPCCL (Mudarib) Share | Investor (Rab-ul-Maal) Share |
|---|---|---|
| PKR | 35% of distributable income | 65% of distributable income |
| USD | 55% of distributable income | 45% of distributable income |
| GBP | 65% of distributable income | 35% of distributable income |
| EUR | 70% of distributable income | 30% of distributable income |
Weightages and Expected Return for the Month of May 2024
| Tenure | PKR (Expected Return) | PKR (Profit Weightage Assigned) | PKR* (Expected Return- PKR INPC-I) | PKR* (Profit Weightage Assigned- PKR INPC-I) | PKR** (Expected Return- PKR INPC-II) | PKR** (Profit Weightage Assigned- PKR INPC-II) | USD (Expected Return) | USD (Profit Weightage Assigned) | USD* (Expected Return - USD INPC-I) | USD* (Profit Weightage Assigned - USD INPC-I) | USD** (Expected Return - USD INPC-II) | USD** (Profit Weightage Assigned - USD INPC-II) | GBP (Expected Return) | GBP (Profit Weightage Assigned) | GBP* (Expected Return - GBP INPC -I) | GBP* (Profit Weightage Assigned GBP INPC -I) | GBP** (Expected Return - GBP INPC -II) | GBP** (Profit Weightage Assigned GBP INPC -II) | EUR (Expected Return) | EUR (Profit Weightage Assigned) | EUR* (Expected Return - EUR INPC -I) | EUR* (Profit Weightage Assigned EUR INPC-I) | EUR** (Expected Return - EUR INPC -II) | EUR** (Profit Weightage Assigned EUR INPC-II) | Profit Payout (Coupon Payment) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3 Months | 9.50% | 1.10 | 15.00% | 1.80 | 21.00% | 2.20 | 5.50% | 1.70 | 7.00% | 1.70 | 8.25% | 2.10 | 5.25% | 2.10 | 5.50% | 2.10 | 7.25% | 2.20 | 4.75% | 2.71 | 4.00% | 2.71 | 6.25% | 2.80 | Maturity |
| 6 Months | 10.00% | 1.20 | 15.25% | 1.85 | 21.25% | 2.25 | 6.00% | 1.85 | 7.20% | 1.85% | 8.50% | 2.25 | 5.50% | 2.20 | 6.00% | 2.20 | 7.50% | 2.30 | 5.00% | 2.86 | 4.50% | 2.86 | 6.50% | 2.90 | Maturity |
| 12 Months | 10.50% | 1.25 | 15.50% | 1.90 | 21.50% | 2.30 | 6.50% | 2.10 | 7.50% | 2.10% | 9.00% | 2.30 | 5.75% | 2.30 | 7.00% | 2.30 | 8.00% | 2.40 | 5.25% | 3.00 | 5.00% | 3.00 | 7.00% | 3.20 | Maturity |
| 3 Years | 10.75% | 1.27 | 14.00% | 1.75 | 17.50% | 2.00 | 6.75% | 2.20 | 8.00% | 2.20 | 8.00% | 2.20 | 6.25% | 2.50 | 7.50% | 2.50 | 7.50% | 2.50 | 5.50% | 3.14 | 6.50% | 3.14 | 6.50% | 3.14 | Bi-Annual |
| 5 Years | 11.00% | 1.30 | 13.50% | 1.65 | 15.00% | 1.90 | 7.00% | 2.30 | 8.00% | 2.30 | 8.00% | 2.20 | 6.50% | 2.60 | 7.50% | 2.60 | 7.50% | 2.60 | 5.75% | 3.29 | 6.50% | 3.29 | 6.50% | 3.29 | Bi-Annual |
| Bank's Investment in the pool | 17.00% | 1.00 | 17.00% | 1.00 | 17.00% | 1.00 | 5.75% | 1.00 | 5.75% | 1.00 | 5.75% | 1.00 | 5.25% | 1.00 | 5.25% | 1.00 | 5.25% | 1.00 | 4.00% | 1.00 | 4.00% | 1.00 | 4.00% | 1.00 | - |
**Note: Applicable on all the issuances made on or after 10th October 2023.
All issuance made on or after 23rd January, 2023 (before 10th October, 2023) for USD, GBP and Euro shall be classified under USD, GBP and Euro INPCs-I
All the issuances made on or after 10th October, 2023 shall be classified under USD, PKR, GBP and EURO INPCs-II
Declaration of Profit Rates & Profit Payouts for the Month of March 2024
| Tenure | USD (Actual Return) | USD -I (Actual Return) | USD -II (Actual Return) | PKR (Actual Return) | PKR -I (Actual Return) | PKR -II (Actual Return) | GBP (Actual Return) | GBP -I (Actual Return) | GBP -II (Actual Return) | EUR (Actual Return) | EUR -I (Actual Return) | EUR -II (Actual Return) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3 Months | 0.00% | 8.25% | 8.25% | 0.00% | 0.00% | 21.00% | 0.00% | 0.00% | 7.25% | 0.00% | 0.00% | 6.25% |
| 6 Months | 0.00% | 8.50% | 8.50% | 0.00% | 15.25% | 21.25% | 0.00% | 6.00% | 7.50% | 0.00% | 4.50% | 6.50% |
| 12 Months | 0.00% | 9.00% | 9.00% | 0.00% | 15.50% | 21.50% | 0.00% | 7.00% | 8.00% | 0.00% | 5.00% | 7.00% |
| 3 Years | 6.75% | 8.00% | 8.00% | 10.75% | 14.00% | 17.50% | 6.25% | 7.50% | 7.50% | 5.50% | 6.50% | 6.50% |
| 5 Years | 7.00% | 8.00% | 8.00% | 11.00% | 13.50% | 15.00% | 6.50% | 7.50% | 7.50% | 5.75% | 6.50% | 6.50% |
| Bank's Investment in the pool | 5.75% | 5.75% | 5.75% | 17.00% | 17.00% | 17.00% | 5.25% | 5.25% | 5.25% | 4.00% | 4.00% | 4.00% |
Zakat and Taxes
Zakat: The Certificates shall be exempted from compulsory deduction of zakat.
Tax: 10% Withholding Tax on profit will be applicable.
Premature Encashment
- There shall be no premature encashment within the first month of issuance of INPCs
- Certificates can be prematurely encashed (early encashment before maturity).
- The proceeds for the premature encashment made after the first month and before the end of three months shall be worked-out based on the the repurchase of INPCs at a discounted price based on the redemption table notified by Islamic Naya Pakistan Certificate Company Limited (INPCCL)
- Profit/proceeds of premature encashment made after 3 months shall be worked out by Islamic Naya Pakistan Certificate Company Limited (INPCCL) based on the weightages applicable to the nearest completed tenures.
Maturity
- Maturity proceeds will be credited back to the investor's AL Habib Islamic Roshan Digital Account on the same day by the Bank.
Zakat and Taxes
Zakat: The Certificates shall be exempted from compulsory deduction of zakat.
Tax: 10% Withholding Tax on profit will be applicable.
General Instructions
- The Certificates shall be pledgeable as security for raising financing in Pakistan subject to such conditions as may be prescribed by SBP.
- The Certificates are not transferable except if required under the relevant laws.
- SBP and Bank AL Habib reserve the right to accept or reject the investment application if the investor does not comply with the necessary requirements under the rules or instructions.
- The Certificate will not be automatically reinvested or rolled over after the maturity date.
- The above instructions are subject to change from time to time.
Invest in certificate Validating Joint Account Holder to Proceed with Reference Number
Naya Pakistan Certificates (NPC) is a fixed income security offered digitally by Government of Pakistan under NPC Rules 2020 framed under Public Debt Act, 1944. It is a sovereign security denominated in US Dollars, Pound Sterling, Euros and Pak Rupees issued with full faith and credit of the Government of Pakistan. The NPCs are available in following profits rates on NPCs of different maturities, tenors & profit frequencies:
| Tenure | PKR Rate | USD Rate | GBP Rate | EUR Rate | Profit Payout (Coupon Payment) |
|---|---|---|---|---|---|
| 3 Months | 15.00% | 7.00% | 5.50% | 4.00% | Maturity |
| 6 Months | 15.25% | 7.20% | 6.00% | 4.50% | Maturity |
| 12 Months | 15.50% | 7.50% | 7.00% | 5.00% | Maturity |
| 3 Years | 14.00% | 8.00% | 7.50% | 6.50% | Bi-Annual |
| 5 Years | 13.50% | 8.00% | 7.50% | 6.50% | Bi-Annual |
Is investment in NPCs Safe and Guaranteed by Government? Yes, NPCs are sovereign instruments, issued with full faith and credit of the Government of Pakistan
Non-resident Pakistanis having National Identity Card for Overseas Pakistanis (NICOP) or Pakistan Origin Card (POC), and resident Pakistanis having declared assets abroad, are eligible to invest in NPCs through Foreign Currency Value Account (FCVA) and Non Resident Pakistanis Rupee Value Account (NRVA) account being marketed as Roshan Digital Accounts (RDAs).
Non-resident Pakistanis having National Identity Card for Overseas Pakistanis (NICOP) or Pakistan Origin Card (POC), and resident Pakistanis having declared assets abroad, are eligible to invest in NPCs through Foreign Currency Value Account (FCVA) and Non Resident Pakistanis Rupee Value Account (NRVA) account being marketed as Roshan Digital Accounts (RDAs).
The minimum amount of Investment in PKR denominated certificate is PKR 10,000 with integral multiples of PKR 1,000 with no maximum limit. The minimum amount of Investment in USD, GBP & EUR denominated certificate is 1,000 with integral multiples of USD, GBP & EUR 500 with no maximum limit.
Yes! Premature encashment of NPC is permissible. The investors can redeem his/her investment fully or partially, before the maturity date. Premature encashment proceeds shall be calculated at the rate of return equivalent to the return of the nearest shorter maturity of Certificates. For example, an investor of a 12-month NPC withdraws his/her investment in the 8th month of holding, in this case, he/she will be entitled to profit for the period up to date of premature encashment, fixed at the rate of return applicable on 6-month NPCs. However, no profit shall be paid in case of encashment of certificates before completion of 3 (three) months. Moreover, partial encashment leading to lowering the minimum investment allowed in NPCs (i.e. PKR 10,000 or USD, GBP & EUR 1,000) shall not be allowed.
Yes! If an investor is maintaining his/her FCY RDA in any approved foreign currency, he/she can invest in USD, GBP & EUR denominated NPCs. In such cases, the bank will debit the investors’ account by an amount equivalent to the amount of investment requested in USD, GBP or EUR denominated NPCs by applying the exchange rate prevailing at the time of execution of the transaction.
The funds on maturity, on premature encashment, and the profit of periodic coupon payments (where applicable), will be credited in the investor’s RDA only. 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. In such case, no profit will be payable for the period of the holidays.
No! NPCs are exempt from zakat deduction as per the NPC Rules, 2020.
Yes! The return/profits on NPCs are subject to 10 percent withholding tax as full and final settlement of tax liability on NPC profits. The non-resident investors are also not required to file any tax return if their only source of income in Pakistan is profits earned on NPCs..
Yes, as per the NPC Rules, 2020, the Certificates cane be pledged as security for raising financing in Pakistan subject to such conditions as may be prescribed by SBP.
In case of death of an investor, the payment (principal and profit, if any), will be made to the legal heirs of the deceased investor in accordance with the succession certificate or equivalent documentation in accordance with the law for the time being in force.
No, the investor can invest, and redeem the NPCs through digital platform while being abroad.
The Certificate will not be automatically reinvested or rolled-over after the maturity date. The customer need to reprocess the investment.
In case of death of customers death, the payment (principal and profit, if any), shall be paid to the legal heirs of the deceased customer in accordance with a succession certificate or equivalent documentation issued by a court of competent jurisdiction under applicable laws.
The Certificates are not transferable except if required under the relevant laws.