Pakistan has expanded its investment options for overseas citizens by introducing dirham- and riyal-denominated Naya Pakistan Certificates (NPCs), a move aimed at attracting more savings from expatriates living in the Gulf region.
The State Bank of Pakistan (SBP) announced that the new investment instruments became available on June 1, allowing overseas Pakistanis in the United Arab Emirates and Saudi Arabia to invest directly in their local currencies without first converting funds into US dollars or Pakistani rupees.
The initiative is expected to benefit the large Pakistani community in the Gulf, particularly the more than two million Pakistanis residing in the UAE. Investors can now place their savings in certificates denominated in UAE dirhams or Saudi riyals while earning fixed returns and avoiding exchange-rate risks on the principal amount.
Under the revised scheme, dirham-denominated certificates offer returns of 6.50 percent for a three-month investment, increasing to 7.50 percent for a five-year term. Transactions in dirhams will be processed through First Abu Dhabi Bank using SBP-designated Nostro accounts. Investments in Saudi riyals will be handled through Saudi National Bank.
The central bank also revised profit rates for rupee-denominated NPCs. Effective June 1, returns have been increased to 11.75 percent for three months, 12 percent for six months, 12.25 percent for one year, 12.50 percent for three years and 12.75 percent for five years. These rates are higher than those announced in March 2026, when returns ranged between 10.75 percent and 11.50 percent.
Alongside the newly added Gulf currencies, the NPC programme continues to offer certificates in US dollars, British pounds and euros. Dollar-denominated certificates currently provide returns ranging from 6.75 percent to 7.75 percent, while pound-denominated investments offer between 6.75 percent and 8 percent. Euro certificates carry returns between 4.75 percent and 6.25 percent.
The Naya Pakistan Certificates programme forms part of Islamabad’s broader effort to strengthen financial ties with overseas Pakistanis and encourage the use of formal banking channels. The initiative traces its origins to the Pakistan Banao Certificate launched in 2019, which targeted expatriates with dollar-based investment opportunities and sought to attract foreign currency inflows to support the country’s reserves.
Government officials have repeatedly encouraged overseas Pakistanis to send remittances and make investments through official financial systems, arguing that such transactions improve transparency and strengthen the national economy.
With the addition of the dirham and riyal options, investors in the Gulf can now participate in the programme using currencies they earn and save in daily, eliminating an extra conversion step that previously added cost and complexity.
The minimum investment requirement for all foreign currency-denominated certificates, including the newly introduced dirham and riyal products, has been set at 1,000 units of the respective currency.
