For this purpose, the eight banks would establish two Shariah-compliant assets (Mudaraba pools) worth $20 million and Rs5 billion. The investing Pakistanis can pull out investment at any time after a period of one-month investment in the saving certificates of the tenures ranging from three-month to five-year. This means that they can sell the certificates prematurely and withdraw the investment to their foreign accounts. “They will be offered a return on investment at the rate close to the attractive ones being offered on conventional Naya Pakistan Certificates (NPCs),” Siddiqui said. In local rupee-term, the government is offering annualised return of 9.5% on three-month certificate, 10% on six-month certificate, 10.5% on 12-month, 10.75% on three-year and 11% on five-year saving certificate.

Source: The Express Tribune October 09, 2020 03:33 UTC