Roshan Digital Account inflows have surged to over $4.95 billion through 452,821 accounts of overseas Pakistanis from 175 countries in less than two years. More than half of inflows are received by Islamic banks and half of investments are made in Islamic Naya Pakistan Certificates.
SBP has launched the Islamic version of Roshan Digital Accounts (RDA) for expats. The inflows of RDA have been overwhelming and are higher than the amount received by the country under the program of the International Monetary Fund (IMF) and friendly states.
SBP working on introducing Roshan Business Account (RDA) to provide enhanced facilities to overseas Pakistanis for conducting business and making investments in Pakistan. The banking regulator is also working on products such as a pension, insurance, and Takaful under RDA.
Islamic version of Roshan Digital Accounts (RDA) can be used for investment in Naya Pakistan Certificate and even for purchasing houses and cars. Overseas Pakistanis can also do charity through RDA, and now, they can even donate to PM Flood Relief Fund.
The IMF program for Pakistan is back on track, Dr. Murtaza said. Pakistan’s friendly countries have committed nearly $4 billion program for the economy. Forex reserves are expected to be doubled from current level of $8 billion to $16 billion in 8-10 months.
In the last few weeks of August, the Pakistani Rupee regained its value to be among the best-performing currencies across the world. We have curtailed our import bill through corrective measures, which will contain the deficit position of the current account, Dr Murtaza said.
Other speakers at the webinar included CEO and President HBL Muhammad Aurangzeb, CEO and President Meezan Bank Irfan Siddiqui, CEO and President Faysal Bank Yousaf Hussain, CEO and President Dubai Islamic Bank Junaid Ahmed, Dr Adeel Malik, Associate Professor, Department of International Development, University of Oxford, Syed Irfan Ali, Managing Director Deposit Protection Corporation Pakistan, Dr Imran Ashraf Usmani, Sharia Scholar, Allama Shabbir Hassan Lakhani Maisami, Sharia Scholar, and Sajjed Aslam, Regional Lead Public Affairs, Asia Pacific, ACCA.