Islamic Naya Pakistan Certificates Islamic Naya Pakistan Certificates (Sovereign Mudarabah)

Why It's Halal

INPC replaces the conventional certificate's interest promise with a two-layer sovereign structure that was engineered, approved, and documented at the top of Pakistan's system: Islamic Naya Pakistan Certificate Company Limited (INPCCL), an SECP-registered SPV wholly owned by the Government of Pakistan and housed at the State Bank, collects investor money on Mudarabah - the investor is Rabb-ul-Maal, the SPV is Mudarib - and deploys it to the federal government on Ijarah (leasing), under a Shariah structure notified by the Finance Division under the NPC Rules 2020 and approved by the Shariah Advisory Committee of the State Bank of Pakistan, with the SPV's own Shariah advisor supervising execution. The tell that this is real Mudarabah rather than repackaged interest is in the SBP's own FAQ: expected rates match conventional NPC rates, but 'there is, however, no guarantee that INPCs will be remunerated on these rates as profits on INPCs will be paid based on the actual results' of per-currency pools, with profit-sharing ratios and weightages published monthly by agent banks. Even premature encashment is structured to avoid penalty interest: exits inside three months are repurchased at a discounted price per a notified redemption table, and later exits earn the weightages of the nearest completed tenor with earlier excess coupons clawed back through the purchase price - profit recalculation, not a fee. The market's verdict is striking: Islamic NPCs hold roughly two-thirds of all NPC balances (USD 1,259M vs 642M conventional, June 2026), making this among the clearest demonstrations anywhere that a sovereign can fund itself Islamically at scale when it offers the structure honestly.