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Roshan Digital Account

HABIBMETROSIRAT presents Roshan Digital account, a State Bank of Pakistan initiative to provide Non-Resident Pakistanis (NRPs) a convenient and Shariah-compliant solution to remit and invest funds in Pakistan for a brighter future for this country.

Eligibility Criteria

  • Non-Resident Individual Pakistani
  • Resident Individual Pakistani who has duly declared assets held abroad, as per wealth statement declared in the latest tax return with Federal Board of Revenue (FBR)*

*Resident individual Pakistanis interested in opening a Foreign Currency Value Account (FCVA) may visit our RDA designated branches to get their account opened. RDA designated branch for Islamic Banking is listed below:

  • Alfalah Court in Karachi

Account Features

  • No minimum balance
  • Foreign inward remittance into account via authorized banking channels
  • Current and savings account (in PKR, USD, GBP & EURO currencies)
  • Hassle-free repatriation of funds
  • Investment options (government securities such as Islamic Naya Pakistan Certificates, Habib Islamic Investment Certificates and Deposit Accounts)
  • Debit Card and Cheque Book*
  • Free Pay Order
  • Free E-Statements
  • Free Web Banking and Mobile App Access
  • Free SMS Alerts for digital and ADC transactions
  • 24/7 RDA Support

*Note: For debit card/cheque book activation and pin generation, contact our 24/7 helpline at 111-1-HABIB(42242).

  • Foreign Currency RDA Customers can register themselves on the HABIBMETRO Internet Banking Service.
  • Pak Rupee RDA Customers can register themselves for both HABIBMETRO Internet Banking Service and/or Mobile Banking App.

Tutorial Video

Overseas Pakistanis can invest in Pakistan’s future through Islamic Naya Pakistan Certificates (INPCs). These certificates are Shari’ah Compliant government securities that generate high rate of returns for RDA customers and have various tenors ranging from 3-Months to 5-Years. They are available in USD, GBP, EURO and PKR currencies, on the basis of Modaraba

  • The Certificates shall be subscribed by eligible individuals (as defined in Rule 3 of INPC Rules, 2020) through Foreign Currency Value Account (FCVA) or NRP Rupee Value Account (NRVA), being marketed as Roshan Digital Accounts (RDAs) by HABIBMETRO SIRAT. Eligible individuals are as follows:
    1. Non-Resident Pakistanis having National Identity Card
    2. Foreigners having Pakistan Origin Card
    3. Members of Overseas Pakistanis Foundation
    4. An employee of the Federal Government or a Provincial Government posted abroad

Key Features

Pak Rupee RDA customers can invest in PKR denominated certificates and Foreign Currency RDA customers can invest in USD,GBP & EURO denominated certificates

  • Certificates available in 3-months, 6-months, 12-months, 3 Years and 5 Years tenors
  • Minimum investment of USD,GBP & EURO 5,000 in USD,GBP & EURO denominated INPCs (with integral multiples of 1,000 in their respective currencies)
  • Minimum investment of PKR 100,000 in PKR denominated INPCs (with integral multiples of PKR 10,000)
  • Early encashment option available
  • No zakat deduction

Note: These rates are subject to W.H.T of 10% currently, and subject to change as per the directives of SBP.

In case you have any further queries, please check our FAQs, or email us at rdasupport@habibmetro.com or call us at (+9221) 111 142 242. You may also use our live WhatsApp chat service at +923093141414.

If you require further information or wish to provide any feedback or send in your queries on Roshan Digital Account, you may also visit State Bank of Pakistan’s website at http://www.sbp.org.pk/RDA/index.html or email the SBP at RDAsupport@sbp.org.pk.

Underlying Islamic Mode:

Investors will enter into a Mudarabah contract for investment in Shari’ah Compliant INPCs with the INPC Company Limited. The investor is the Rab-ul-Maal and the Islamic NPC Company Limited is Mudarib.

Profit & Loss Mechanism

The NPC Company Limited will share the profit with investors (Rab-ul-Mal) on the basis of a pre-determined Profit Sharing Ratio (PSR).

The PSR and weightages for INPCs will be announced on monthly basis prior to the commencement of the period.

Shariah Approval

INPC’s product has been approved by the Shariah Advisory Committee of State Bank of Pakistan.

Payment Frequency

In case of 3 & 5 Years certificates, profit disbursement shall be made bi-annually. Profit Payment maturities shall be determined from the date of issuance of the Certificates.

In case of a public/banking 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.

Premature Encashment

Certificate holders can make early redemption/premature encashment of their INPCs after one month of issuance.

Profit/proceeds for premature encashment request made after one month and before three months will be redeemed at a discounted price by applying a discount in their profit rates for that category.

Profit/Proceeds of premature encashment made after three months shall be worked out based on the weightages applicable to the nearest completed tenures.

PSR for June 2021

US Certificates:

Mudarib 55%

Rab-ul-Maal 45%

PKR Certificates:

Mudarib 35%

Rab-ul-Maal 65%

GBP Certificates:

Mudarib 65%

Rab-Ul-Maal 35%

Euro Certificates:

Mudarib 70%

Rab-Ul-Maal 30%

 

Weightages for June 2021:

USD Certificates:

Tenor    Expected Rate  Weightage
3 Months 5.50% 1.7
6 Months 6.00% 1.85
12 Months 6.50% 2.1
3 Years 6.75% 2.2
5 Years 7.00% 2.3


PKR Certificates:

Tenor    Expected Rate Weightage
3 Months 9.50% 1.1
6 Months 10.00% 1.2
12 Months 10.50% 1.25
3 Years 10.75% 1.27
5 Years 11.00% 1.3

 

GBP Certificates:

Tenor  Expected Rate Weightage
3 Months 5.25% 2.1
6 Months 5.50% 2.2
12 Months 5.75% 2.3
3 Years 6.25% 2.5
5 Years 6.50% 2.6

 

Euro Certificates

Tenor  Expected Rate  Weightage
3 Months 4.75% 2.71
6 Months 5.00% 2.86
12 Months 5.25% 3.00
3 Years 5.50% 3.14
5 Years 5.75% 3.29

 

Actual Rates for March 2021

Tenor  Actual Rate (USD) Actual Rate (PKR)
3 Months – Profit payment at Maturity 5.50% 9.51%
6 Months  – Profit payment at Maturity 6.01% 10.01%
12 Months  – Profit payment at Maturity 6.50% 10.50%
3 Years -Half Year profit payment 6.74% 10.76%
5 Years -Half Year profit payment 6.99% 11.00%

 

Depositor’s request for investment in INPCs received within the cut-off time of 1:00 pm PST shall be invested on the same day and requests received after 1:00pm PST shall be invested on the next working day subject to availability of funds.
Tax will be deducted on the profit of INPCs as per the applicable laws.
Note
: Expected rates are not be considered as confirmed profit rates or a guarantee of any sort. The expected profit rates provide an idea to the depositors and the actual rates are derived on the basis of Mudarabah.

Tax will be deducted on the profit of INPCs as per the applicable laws.Note: Expected rates are not be considered as confirmed profit rates or a guarantee of any sort. The expected profit rates provide an idea to the depositors and the actual rates are derived on the basis of Mudarabah.

Depositor’s request for investment in INPCs received within the cut-off time of 1:00 pm PST shall be invested on the same day and requests received after 1:00pm PST shall be invested on the next working day subject to availability of funds.

Q1. What is HABIBMETRO SIRAT Roshan Digital Account?

  1. Roshan Digital Account is an initiative of the State Bank of Pakistan, in collaboration with commercial banks operating in Pakistan. These accounts provide innovative banking solutions for millions of Non-Resident Pakistanis (NRPs) seeking to undertake banking, payment and investment activities in Pakistan. HABIBMETRO SIRAT Roshan Digital Account is Shariah-compliant.

Q2. What does Repatriable mean?

  1. A Repatriable account enables you to transfer your funds from Pakistan to your country of residence / to your country of origin from the account (funds which were originally transferred to the RDA).

Q3. How do I repatriate my funds?

  1. You can repatriate your funds by initiating a request by filling out the request form online or send the request to our RDA Support email (rdasupport@HABIBMETRO.com).

 Q4. Who is eligible for Roshan Digital Account?

  1. A customer is eligible to open an account under this product if he/she is any of the following:
  • A Non-Resident Individual Pakistani
  • A Resident Individual Pakistani who has duly declared assets held abroad, as per wealth statement declared in the latest tax return with Federal Board of Revenue (FBR)

Q5. Which currencies are available for HABIBMETRO SIRAT RDA?

  1. PKR for NRP Rupee Value Account (NRVA)

USD, USD, GBP & EUR for Foreign Currency Value Account (FCVA).

Q6. Are Resident Pakistanis also eligible for the opening of RDA?

  1. Yes, Resident Pakistanis are also eligible for the opening of FCY RDA. It is available for only those Resident Pakistanis who have declared their assets abroad as per their wealth statement declared in the latest tax return declared to the Federal Board of Revenue (FBR).

Q7. How do I apply for RDA?

  1. RDA opening facility is available on HABIBMETRO SIRAT’s online portal.

Resident individual Pakistanis interested in opening a Foreign Currency Value Account (FCVA) may visit our RDA designated branches to get their account opened.

Q8. Can I operate my account from HABIBMETRO SIRAT’s online RDA portal?

  1. RDA can be operated from HABIBMETRO SIRAT’s web/internet banking services or mobile banking app.

Q9. How long will it take to open my account?

  1. The turnaround time (TAT) for the opening of RDA is two working days only, if the application submitted by the individual is complete in all respects. In case of any discrepancies, the TAT will vary in accordance with the resolution of these discrepancies.

Q10. What documents are required for the opening of RDA?

  1. The successful opening and activation of RDA are subject to the provision of the following documents:
    • Original Scanned Valid Identity Document (CNIC/ SNIC/ NICOP/POC, POR etc.)
    • Original Scan Passport Valid Passport
    • Proof of NRP status (Scanned copy of POC, visa entry/exit stamps on passport etc.)
    • Proof of profession and Source of income / Funds (scanned copies of any of the following: Job certificate, tax return, rent agreement, salary slip, etc.)
    • Scanned Signature Specimen on white card (with black ink)
    • Live Photo / Digital Photo
    • Valid Overseas Pakistanis Foundation Membership Card (if applicable)

Q11: Can I invest funds from RDA?

  1. Yes, you can invest in financial securities such as the IslamicNaya Pakistan Certificate (INPC). You can also invest in Shari’ah Compliant stocks on the stock market through CDC and invest in Sukuk. In addition to this, you can also invest your funds in HABIBMETRO Islamic Investment Certificate.

 Q12. Can I pay my utility bills through this account?

  1. Yes you can pay utility bills through your PKR account usingHABIBMETRO SIRAT Mobile App and HABIBMETROInternet/Web Banking.

 Q13. Is debit card facility available for HABIBMETRO SIRAT RDA?

  1. Yes, debit card facility is available for RDA PKR accounts only.

 Q14. Is cheque book facility available for HABIBMETRO SIRAT RDA?

  1. Yes

 Q15. Can the debit card be used for Point of Sale (POS) transactions?

  1. Yes, POS transactions can be conducted both locally and internationally at any accepted VISA POS terminal.

 Q16. What is HABIBMETRO SIRAT’s hPOS facility?

  1. With HABIBMETRO SIRAT’s exclusive hPOS feature, customers can withdraw money from any HABIBMETRO SIRAT branch counter through their Debit Cards.

Q17. How can I request for a Cheque Book?

  1. Cheque books can be requested online via mobile/internet banking. The Cheque Book will be delivered through an international courier service at your mailing address (courier charges will be applicable).

 Q18. How can I request for a Debit Card?

  1. Debit Card can be requested online via mobile/internet banking. The Debit Card will be delivered through an international courier service at your mailing address (courier charges will be applicable). Debit Card charges will also be applicable as per the schedule of charges.

 Q19. Can I withdraw funds internationally through the Debit Card?

  1. Yes, ATM withdrawal facility is available internationally through your Debit Card.

 Q20. Are there any deductions on NRVA Savings Account?

  1. Yes, Zakat, withholding tax and other government levies, where applicable, are deductible from this account.

 Q21. Are there any deductions on FCVA Savings Account?

  1. Yes, withholding tax and other government levies, where applicable, are deductible from this account.

 Q22. Is Zakat deductible from Roshan Digital Savings Account?

  1. For PKR RDA Account – Zakat is deductible as per Zakat &Ushr Ordinance of 1980.
  2. For FCY RDA Account – Zakat is not applicable.

 Q23. What are Islamic Naya Pakistan Certificates (INPCs)?

Islamic Naya Pakistan Certificates (INPCs) are Shariah-compliant investment instruments, issued by the State Bank of Pakistan (SBP) on Mudarabah basis. The holder of certificate is an investor (Rab-ulMaal) and Islamic Naya Pakistan Certificate Company Limited (INCCPL) is the Manager (Mudarib) of the investments. These investments are then invested in a pool comprising of Shariah-compliant transactions and the profit is distributed between the investors and INCCPL as per the pre-determined profit-sharing ratios and weightages.

Q24. Who can invest in INPCs?

Overseas Pakistanis maintaining HabibMetro SIRAT Roshan Digital Account can invest in Islamic Naya Pakistan Certificates.

Resident Pakistanis who have declared assets held abroad and are maintaining a HABIBMETRO SIRAT Roshan Digital Account are also eligible for investment Islamic Naya Pakistan Certificates.

Where an accountholder is maintaining the account in other foreign currencies i.e. GBP or EURO, the Bank shall debit the investor’s account by an amount equivalent to the amount of investment requested in USD denominated INPCs by applying the exchange rate prevailing at the time of execution of the transaction.

 Q25. What is the tenure of INPCs investment?

Following tenures are available in PKR & USD denominated INPCs:

  • 3 Months
  • 6 Months
  • 12 Months
  • 3 Years
  • 5 Years

Q26. In which currencies INPCs are available?

INPCs are available in PKR & USD.

 Q27. What is the profit payment frequency of INPCs?

Profit payment frequency of INPCs is as follows:

Tenure Profit Payment Frequency

3 Months         At maturity

6 Months         At maturity

12 Months       At maturity

3 Years             Bi-annually

5 Years             Bi-annually

Q28. What is the minimum investment required for INPCs?

  • For PKR: The minimum investment should be in multiples of PKR 10,000 with minimum amount of PKR 100,000.
  • For USD: The investment should be in multiples of USD 1,000 with minimum amount of USD 5,000.

Q29. Will Zakat be applicable on INPCs?

INPCs shall be exempted from compulsory deduction of zakat under section 3, Chapter II (Charge and collection of Zakat) of Zakat and Ushr Ordinance, 1980.

Q30. What will be the profit rate for INPCs?

Profit rate for INPCs calculated according to the weightages assigned before start of month and shall not be changed during the period. Weightages shall also be available at Bank’s & SBP’s website both.

Q31. How to invest in INPCs?

Investor will submit the request for investment through HABIBMETRO Internet Banking and provide investment details including:

  • Account no,
  • Tenure,
  • Currency and
  • Investment amount

For INPCs, funds will be debited from customers’ account.

Q32. Are INPCs transferrable?

No, the certificates are not transferrable, except if required under the relevant laws.

Q33. Can I pledge INPCs for financing?

The certificates can be pledged as security for raising financing in Pakistan subject to conditions as may be prescribed by SBP.

 Q34. Can I encash my investment in INPCs before maturity?

Investor mayencashtheir INPCs prematurely after one month of issuance.

For premature encashment requests made after one month and before three months,profit/proceeds will be redeemed at a discounted price by applying a discount in the profit rates for that category.

For premature encashment requests made after three months, profit/proceeds shall be worked out based on the weightages applicable to the nearest completed tenures.

Q35. How will the funds be utilized in Mudarabah pool?

The funds received from investors, shall only be used for extending Shariah-compliant financing to the Federal Government.

Q36. How will I receive profit on my INPCs?

The investment amount and applicable profit or loss shall be paid to the investor’s designated bank account. In case of a public/banking holiday, the next working day falling after the holiday will be considered for the payment. Profit will not be paid for the period of the holidays.

Q37. Is there any cutoff time for making investments in INPCs?

Cut-off time for all investments on the same day is 1:00 pm Pakistan Standard Time (PST). Requests received after 1:00 pm Pakistan Standard Time (PST) will be invested on the next working day.

Q38.    What will happen in case of death of certificate holder?

In case of customer’s death, the payment of principal and profit, if any, shall be paid to the legal heirs of the deceased customer in accordance with a valid succession certificate or equivalent documentation issued by a court of competent jurisdiction under applicable laws.

Q39.    Is the investment taxable?

The profit on INPCs will be subject to deduction of withholding tax in accordance with the applicable laws.

Q40. Is rollover facility available in INPCs?

No, the certificates shall not be auto reinvested or rolled over after maturity date.

 

 Definitions:

Special Purpose Vehicle (SPV)

Means an SPV formed by theGoP, acting through MoF for Islamic Naya Pakistan Certificate (INPC)

Investors

Means eligible Resident/Non Resident Pakistanis who invest as Raab ul Maal in the Shariah Compliant Business as well as participating commercialbanks.

Islamic Naya Pakistan Certificate (INPC)

A certificate representing a proportionate share of the Investor in the Mudarabah based investmentpool.

Mudarabah relationship between SPV&Investors

For all Islamic Naya Pakistan Certificate (INPC)whether in PKR or USD or any other foreign currency as notified by the MoF/Finance Division, the relationship between the SPV and Investor(s) shall be based on the principles of Mudarabah, where the Investor(s) is the Raab-ul-Maal and the SPV is the Mudarib. SPV as the Mudarib may invest or disinvest, at its sole discretion, monies/funds received by it from the Investors only in Shariah Compliant activities/assets (The “Business”) of the SPV.Additional features in respect of INPC as may be applicable from time to time shall be stipulated in product brochures and at the website of the SPV/SBP/agentbanks.

Profit & Losssharing

  • Profit Sharing Ratio between Mudarib (SPV) and Raab ul Maal (Investors) will be agreed at the outset.
  • The SPV, as Mudarib, shall share in the profit on the basis of a predetermined Profit Sharing Ratio (PSR) of the Gross Income of the Business, after deduction of allowed expenses. (the “Mudarib Share” respectively). The “Gross Income” of the Businessis defined as profit earned on utilizing Investors’ fund.The Mudarib Profit Sharing Ratio (PSR) may be varied from time to time and the same can be obtained from the SPV upon request as well as shall be available on the website of SPV/SBP/ agent bank.
  • All the Investors/INPC Holders shall be assigned weightages based on the features of the INPC held by them, such as tenor, profit payment options and other applicable features for the purposes of calculation of profit. The weightages applicable to all INPC shall be announced every month and shall be available at the website of the SPV / SBP/ agent bank. The weightages shall be announced before the beginning of the period/month concerned and shall not be changed during theperiod.
  • The Profit calculation of investment pool shall be done, under this Mudarabah, at the end of every month by theSPV.
  • Profit calculation method for INPC is on a daily product basis. Profit payment will be made at maturity for three, six and twelve month INPCs and on six monthly basis for thirty-six month and sixty monthINPCs.
  • In the event of loss on the capital in respect of the Business, all investors of the investment pool shall share such loss in proportion to their investments. However, if loss has been caused by the negligence or willful default of the SPV, the INPCholder will not be liable to share in suchloss.
  • Redemption/Encashment of any amount by the INPC investor shall mean the transfer of its respective share in the Business along with all related risks and rewards. The redemption shall be of the the principal value of the investment, subject to the provisions in respect of Profit in Clause 2.1, 2.2 and Loss in Clause 2.6hereof.
  • Each INPC shall be valid from the date of issue for the tenor as per the instructions of the applicant. The last day of the term of such INPC shall be hereinafter referred to as “Maturity Date”. The term “Maturity Date” shall also mean and include the date at which such INPC areredeemed.
  • The SPV shall redeem/encash in accordance to the clause 2.7 as per the instructions of the Investor. At the time of redemption/encashment of share of Investors and payment of applicable profit, each party will, based on good faith, waive any of its remaining rights and return, on the principle of mutualbenefit.
  • The SPV shall pay profit, if any, that has accrued on INPC within 7 days of the profit payment date ofINPC.
  • No early redemption/pre-mature encashment is allowed before completion of 1 month of investment. However, post 1st month, investor would be able to redeem his/her /INPC as per the redemption schedule notified bySPV

  Amendments

  • The SPV/MoF may from time to time revise and/or change any Terms and Conditions related to operational modalities pertaining to the INPC. Such revisions and / or changes shall be effective from the date specified by the SPV and will either be notified to the Investor(s) who are maintaining such INPC through mail/email or by affixing a notice at thewebsite

  Governing Law & ShariahCompliance

  • This Mudarabah Agreement will be governed by the Terms and Conditions agreed above and all laws, regulations, rules, decrees, by-laws applicable to SPV and laws of Islamic Republic of Pakistan in line with the principles or rules of Shariah (as defined and approved by the reputed Shariah Advisor of the SPV).
  • No business or activity can be undertaken by SPV under this Mudarabah Agreement which does not comply with the rules of Shariah and SPV is responsible to ensure Shariah Compliance of the Business as advised by the Shariah Advisor or Shariah Board ofSPV.

Investor Acknowledgement & Acceptance

I have read & understood and accept the Terms & Conditions as mentioned above.

 

 

In case you have any further queries, please check our FAQs, email us at rdasupport@habibmetro.com or call us at (+9221) 111 142 242. You may also use our live WhatsApp chat service at +923093141414. For complaints, please email at complaints@habibmetro.com

If you require further information or wish to provide any feedback or queries on Roshan Digital Account, you may also visit State Bank of Pakistan’s website at http://www.sbp.org.pk/RDA/index.html or email at RDAsupport@sbp.org.pk