Islamic Naya Pakistan Mudarabah Certificates to be Issued in GBP and EUR Targeting Non-Resident Pakistanis

The Islamic NPC Company Limited (INPCCL) has set up Mudarabah certificates in GBP and EUR, following the Government of Pakistan’s confirmation of Shariah structure for the issuance of Islamic Naya Pakistan Certificates (INPCs) in both currencies in the third week of February 2021. This announcement was made by a leading Islamic bank in Pakistan, confirming that banks are gearing up in the capacity of agents to offer the INPCs on behalf of the Government.

Why it matters?

Strong demand from non-resident Pakistanis led the Government to introduce a Shariah-compliant version of the NPCs as potential investors expressed concerns about operating interest-free investment options. Amounts generated will be used to provide Shariah-compliant financing to t...