Islamic Naya Pakistan Certificates enter final stages, await govt nod



The issuance of a planned Islamic Naya Pakistan Certificates (NPC) is in advance stages and it will likely be launched after the government approves the Shariah structure of the instrument, the central bank’s official said on Thursday. The investment in the conventional NPCs by the individuals through local and foreign currency accounts under the banner of Roshan Digital Account has started from mid-September 2020. However, investors and the Islamic finance industry are looking to the government to launch the Shariah-compliant version of the NPC. “The development of the Shariah-compliant Naya Pakistan Certificate is at an advanced stage. The Finance Division is expected to notify the Shariah structure of NPC soon, after which it will become available through Roshan Digital Accounts to overseas Pakistanis, resident Pakistanis who have declared assets abroad with FBR,” Abid Qamar.—Agencies