Karachi, May 21, 2024 – The inflows into Roshan Digital Accounts (RDAs) saw a 6 percent decline month-on-month (MoM) in April 2024. According to the State Bank of Pakistan (SBP), the inflows into RDAs recorded $171 million in April, down from $182 million in March.
(more…)Tag: Roshan Digital Accounts
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Meezan Bank receives $1.5 billion under RDA initiative
KARACHI: Meezan Bank, Pakistan’s leading Islamic bank, has announced that it has received over US $1.5 billion in deposit inflows under the Roshan Digital Account (RDA) initiative.
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Meezan Bank, Samba Bank celebrate success of RDA
KARACHI: Meezan Bank and Samba Bank in collaboration with the Embassy of Pakistan in Bahrain hosted a reception celebrate the success of Roshan Digital Account (RDA), said a statement issued on Thursday.
Dr. Murtaza Syed – Acting Governor, State Bank of Pakistan virtually participated in the event and addressed the audience.
Also present at the occasion were Muhammad Ayub, Ambassador of Pakistan in Bahrain, Irfan Siddiqui – President and CEO, Meezan Bank and Ahmad Tariq Azam – Acting President and CEO, Samba Bank Limited along with key team members.
The State Bank of Pakistan (SBP), with the goal of achieving digitization is working towards providing technology-enabled banking solutions for everyone in Pakistan. As an extension of this goal, Non-Resident Pakistanis can also avail financial services digitally through RDA, which include account opening and investment in different sectors in the country even from outside Pakistan.
In his speech, Dr. Murtaza Syed – Acting Governor, State Bank of Pakistan briefed the audience on the current economic situation of the country and thanked the NRPs living in Bahrain for their support and contribution over the past two years, that has evidently resulted in increasing the inflow of foreign remittances to Pakistan.
In his welcome address, His Excellency, Mr. Muhammad Ayub, Ambassador of Pakistan highlighted the contributions of the Pakistani diaspora in the socio-economic development of the Kingdom of Bahrain and also Pakistan through significant remittances. He also underlined the vital contributions of the Pakistani community in strengthening the bilateral relations between Pakistan and Bahrain.
In his welcome speech, Irfan Siddiqui – President and CEO, Meezan Bank thanked the guests for attending the event and said: “Alhamdulillah, Meezan Bank is the only bank to have received One Billion USD in remittances under the Roshan Digital Account initiative. We are pleased to be celebrating this achievement with you on Meezan Bank’s 25th Anniversary, to honour the support extended by the Overseas Pakistani community who have raised the profile of the Bank in local and international communities.
“I would like to dedicate this celebration to our valued customers and employees whose trust and commitment has enabled the Bank to grow into one of the leading banks of the country.”
Ahmad Tariq Azam, Officiating President & CEO, Samba Bank Limited, while addressing the gathering of Non-Resident Pakistani diaspora accentuated on the national importance of the Roshan Digital initiative and highlighted that this digital platform has provided the all-important financial linkage to the Overseas Pakistanis with their homeland.
It not only fulfills to their basic banking needs but also provides a complete lifestyle solution to the NRPs and their families. He asserted that Samba Bank Limited takes pride in extending world class banking services to its RDA holders and would continue to cater to their varied banking requirements through our state-of-the-art technological infrastructure.
Azam, in his closing remarks, further stressed that Pakistan and Bahrain have a long-standing relationship of bilateral cooperation and such events not only bring the Pakistani community closer but also strengthen the bond of coalition between two countries.
Over 200 guests attended the event including various industry leaders and professionals from the Pakistani community in Bahrain. The event also coincides with Pakistan’s 75th Independence Year celebrations.
Meezan Bank and Samba Bank announced availability of their teams at the Pakistan Embassy on the next day for facilitation of Overseas Pakistanis living in Bahrain. Subsequently, the teams will be visiting various camp sites for two additional days to provide them with maximum assistance.
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Banks directed to allow RDA opening through mobile phones
KARACHI: The State Bank of Pakistan (SBP) on Monday directed banks to complete the development of Mobile Phone applications incorporating account opening facility for all types of Roshan Digital Accounts (RDAs).
The SBP in a statement said that a circular was issued on September 09, 2020 regarding the Service Standards for Roshan Digital Accounts for Non-Resident Pakistanis (NRPs) in terms of which RDA participating banks were advised to provide an exceptional and seamless digital experience to their customers via their web portals, mobile apps and other digital channels.
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In this regard, Banks are advised to complete the development of their Mobile Applications incorporating the following minimum features pertaining to the Roshan Digital Account (RDA) within 3 months from the date of issuance of this Circular Letter i.e. November 15, 2022:
Full-fledged account opening facility for all types of RDA accounts and customer segments that the bank is offering
Investment in NPCs (both conventional & Islamic)
Requests for Redemption/encashment of NPCs
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Requests for repatriation of funds from RDA
Fund transfer services including interbank fund transfers via Raast and other platforms
Bill Payment services including utility and 1Bill payments
Online application/request and related processes for various RDA products including Roshan Apni Car and Roshan Apna Ghar showing updated status of the application
Online access to Roshan Samaaji Khidmat services
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Option to Invest in Roshan Equity and Bank’s own products, if available and offered
Online option of currency conversion transaction, with live visibility of exchange rate
Online request for Cheque Books, debit cards, credit cards (if offered) etc.
Request for account statement, withholding tax certificate, account maintenance certificate, etc.
Instant confirmation of transactional activity
Complaint lodging and its resolution status
Live chat option and any other option that would facilitate RDA customers
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In addition, option for investments in Mutual Funds, Insurance, Government Securities such as T-Bills, PIBs, etc. shall also be offered to customers, when available.
In case the banks are offering services that redirects the banks’ customers to a third-party interface, then the banks shall mandatorily conduct third-party security assessments of the mobile apps and the channels providing connectivity to these third-party interfaces.
Banks shall ensure compliance with all other relevant SBP’s instructions on mobile applications’ operations and security, etc. issued from time to time.
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SBP governor inaugurates Meezan Roshan Digital Center
KARACHI: The Acting Governor of State Bank of Pakistan (SBP) Dr. Murtaza Syed has inaugurated Meezan Roshan Digital Center, which is built for catering the needs of Roshan Digital Account holders.
The acting SBP governor recently visited Meezan Bank’s Head Office in Karachi along with the Deputy Governor Ms. Sima Kamil and the Bank’s senior management.
Chairman Meezan Bank’s Board Riyadh S.A.A. Edrees, Meezan Bank’s Founding President & CEO Irfan Siddiqui and the Bank’s senior officials were also present on this occasion.
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In his brief address, the Acting Governor congratulated the management and RDA team of the Bank to channel substantial volume of remittances and achieving remittances of $1 billion in RDA and added that other banks should also focus their attention towards increasing remittances through RDA and come up with innovative means for achieving this milestone.
He noted that overseas Pakistanis have always made Pakistan proud through their achievements and dedication to their motherland. He observed that the country needs more investment from abroad to fund the current account deficit and raise much needed foreign exchange reserves.
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He recalled while various other banks joined the RDA at a later stage, Meezan Bank was amongst the first eight banks that launched this service since its inception.
Dr. Syed acknowledged the elements behind this success such as the Bank’s dedicated focus on the product, its joint initiatives with SBP to create awareness about RDA, Shariah-inclination of overseas Pakistanis and availability of all necessary support from the regulators.
Dr. Murtaza Syed was also accompanied by Managing Director, Deposit Protection Corporation, Syed Irfan Ali, Executive Director Saleemullah, Executive Director Sohail Javaad and the Chief Spokesperson SBP Abid Qamar.
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Irfan Siddiqui thanked the State Bank for their support in the RDA initiative and their patronage in inaugurating Meezan Roshan Digital Centre and said that Meezan Bank has always been fully committed to supporting this important initiative.
Speaking on the occasion, Meezan Bank’s Chairman Riyadh S. A. A. Edrees expressed his gratitude to SBP for their untiring support and efforts in promoting Islamic banking in Pakistan. He assured SBP’s leadership that the Board of Meezan Bank is committed towards supporting SBP’s various initiatives including RDA, Low-Cost Housing and SME Financing.
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SBP welcomes Pakistanis in KSA for RDA support
KARACHI: The State Bank of Pakistan (SBP) has welcomed the Pakistani diaspora in the Kingdom of Saudi Arabia (KSA) for their support of the SBP’s initiative of Roshan Digital Account (RDA).
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Dr. Alvi opens property exhibition for UAE based NRPs
KARACHI: Pakistan President Dr. Arif Alvi has inaugurated a property exhibition for the UAE based Non-Resident Pakistanis (NRPs) arranged by Pakistani banks offering Roshan Digital Account (RDA), in partnership with builders and developers, to showcase their products being offered under RDA.
The president expressed the hope that Non-Resident Pakistanis (NRPs) living in UAE would take maximum advantage of the State Bank’s Roshan Apna Ghar scheme and use it to fulfill their and their families’ housing needs in Pakistan, according to a statement issued by the State Bank of Pakistan (SBP) on Saturday.
Abdul Razak Dawood, Advisor to Prime Minister on Commerce, Textile, Industries & Production and Investment was also present at the occasion.
The exhibition was attended by a large number of Pakistanis, various UAE based Pakistani associations, Senior State Bank of Pakistan (SBP) management, Presidents/CEOs of commercial banks, UAE and Pakistan based property developers, and Pakistan’s Embassy officials in UAE.
Appreciating the vast potential of UAE based NRPs, President Dr. Arif Alvi said Pakistanis living in the UAE have significantly contributed towards development and economic growth of UAE and most of them regard UAE as their second home. He said that UAE is a major destination for Pakistani workers and their contribution in remittances is significant.
He observed that SBP, with the active support of commercial banks, has provided NRPs a unique opportunity to buy a home that hitherto, had been a very difficult task for various reasons. He felt satisfied that finally an end-to-end digital process had made it possible for NRPs. He shared his thoughts divulging on various strengths as a nation that Pakistanis should be proud of.
In his welcome address, Governor SBP, Dr. Reza Baqir expressed his heartfelt gratitude to President Dr. Arif Alvi for sparing time and inaugurating the exhibition. He said that SBP has been able to introduce RDA and Roshan Apna Ghar following the vision of Prime Minister Imran Khan to integrate the NRPs with the country’s economy.
Recounting the massive success of RDA, the Governor elucidated that RDA has proved to be a huge success and become a household name connecting over 250,000 NRPs under one umbrella besides attracting over USD2.5 billion since its launch in September last year.
Adding further, he said that the overwhelming success of RDA and Naya Pakistan Certificates (NPCs) speak volumes of the immense popularity of the incumbent regime in the hearts and minds of NRPs.
He said it has been a priority of the government and SBP to resolve the issues of NRPs living across the globe, as they fully understand their potential for lifting the country’s economy. He said that international organizations were appreciating the economic growth of the country despite odds.
He noted that economy was heading in right direction and the unprecedented increase in foreign exchange reserves is an expression of confidence of overseas Pakistanis in the government’s economic policies.
Speaking on the occasion, Abdul Razaq Dawood assured the audience that economy is heading in the right direction and maintaining a healthy growth path. He especially mentioned textile and cement sector where growth trends are remarkable, while automobile, consumer goods and food and likes are following similar trend.
Dawood said that country’s exports growth has already picked up and he is confident that it will keep the momentum and grow further this year.
He also mentioned SBP’s Temporary Economic Refinance Facility (TERF) for helping industry expand and modernize, besides SBP’s various initiatives for facilitating the public at large.
Roshan Apna Ghar is an initiative of SBP for Non Resident Pakistanis (NRPs) to buy, build or renovate their homes in Pakistan through their own investment or bank financing.
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SBP enhances investment opportunities for NRPs
The State Bank of Pakistan (SBP) has announced significant enhancements to the Roshan Digital Accounts (RDA) to further facilitate non-resident Pakistanis (NRPs) in investing and financing opportunities.
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PM launches house financing scheme for NRPs
KARACHI: State Bank of Pakistan (SBP) on Friday said that Prime Minister Imran has launched a new housing scheme to facilitate Non-Resident Pakistanis (NRPs) in buying houses for themselves and their families.
The central bank in a statement said that the prime minister praised the efforts and hard work of the SBP and government agencies in crossing another impressive milestone of $2 billion in deposits in Roshan Digital Accounts (RDA) and developing an exclusive product, Roshan Apna Ghar, for Overseas Pakistanis’ investment in housing in Pakistan.
He said that RDA has provided an excellent platform to overseas Pakistanis to digitally connect to Pakistan’s banking system and meet their financial services needs in Pakistan.
The prime minister was addressing a gathering of Ministers, Presidents and CEOs of Banks, SBP officials and other distinguished guests at the launch of Roshan Apna Ghar – an initiative of SBP for overseas Pakistanis.
The Prime Minister expressed optimism that Roshan Apna Ghar would facilitate overseas Pakistanis to buy a house for themselves and / or their families in Pakistan, which has been quite difficult for many of them due to host of manual procedures, mandatory physical visits to Pakistan with long stay to complete the process and the hassle of trips to many offices.
He said that with the introduction of Roshan Apna Ghar, an end to end digital process right from submission of application to the bank to disbursement of funds by banks, overseas Pakistanis would find it much easier to buy a housing unit in Pakistan for themselves or their loved ones either through their own savings or bank financing.
In his welcome address, Governor SBP, Dr. Reza Baqir thanked the Prime Minister for his vision and firm resolve to integrate the overseas Pakistani community with the country’s economy.
Highlighting the performance of Roshan Digital Account, he said that RDA is now a very well established brand, which has so far connected over 215,000 expats with the country’s banking system and attracted over $2,050 million since its launch in September last year. He said it took about 8 months to cross the first major milestone of $1 billion whereas the next 1 billion were received in less than 4 months, which is indicative of the increasing momentum.
Introducing the new product, Dr. Baqir said that Roshan Apna Ghar is an initiative of SBP for Non Resident Pakistanis (NRPs)to buy, build or renovate their homes in Pakistan through own investment or bank financing.
Complete information on the initiative as well as directions on how to avail it are available at the SBP portal. Overseas Pakistanis will be able to complete their transaction completely remotely and digitally and their investment will be fully repatriable.
He elaborated that financing is available in both conventional and Shariah compliant variants at attractive rates for a period of three to 25 years.
Through the Roshan Apna Ghar initiative, overseas Pakistanis will also be able to obtain financing under the Mera Pakistan Mera Ghar scheme of the government as well that has been exclusively designed for those who do not already own a house and offers financing at economical rates starting from 3 percent.
Governor Baqir emphasized that SBP, with the support of all stakeholders, will continue to bring as much ease as possible for overseas Pakistanis.
Speaking at the occasion, the Minister for Finance and Revenue, Shaukat Tarin, said that the innovation of Roshan Digital Account has proved to be a huge success and instrumental in receiving substantial investment of over $1.4 billion in Naya Pakistan Certificates.
He lauded the introduction of Roshan Apna Ghar by State Bank and said that it is another splendid idea of SBP and will attract substantial investment in the real estate sectorby overseas Pakistanis.
He went on to add that both NPCs and the Roshan Apna Ghar are here to achieve the greater goal of attracting investments by overseas Pakistanis, which are more sustainable and reliable.
He said that Ministry of Finance with the help of State Bank will make every effort to introduce new avenues of investments for overseas Pakistanis.
Under Roshan Apna Ghar, two types of financing facilities are being offered. First, Standard Financing in which both lien based and non-lien based financing is available.
In lien-based financing, the NRPs can obtain house finance facility against lien on their RDA deposit balances or Naya Pakistan Certificates. Banks can finance up to 100 per cent of the property value for purchase or construction of a house; for renovation of house, financing is capped at 40 per cent of the property value.
Non-lien based financing is the typical housing finance offered against mortgage of the property to be purchased; banks may fund up to 85% of the property value for purchase or construction of house, and up to 30% of the property value for renovation of house.
Second, the house financing facility under Mera Paksitan Mera Ghar (Government Mark-up Subsidy Scheme) is also available for RDA holders under Roshan Apna Ghar product as per already defined criteria under respective tiers.
In this case, the financing rates applicable to the Mera Pakistan Mera Ghar scheme would apply.Insurance of the property, up to the extent of financing amount, is also free.
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State Bank launches house acquisition scheme for NRPs
KARACHI: The State Bank of Pakistan (SBP) on Wednesday said it is launching new housing scheme for Non-Resident Pakistanis (NRPs).
The central bank said that it will launch Roshan Apna Ghar this week for non-resident Pakistanis for acquisition of property in Pakistan.
Non-resident Pakistanis can now purchase or obtain financing for a house in Pakistan through Roshan Digital Account.
Roshan Digital Account is a major initiative of State Bank of Pakistan, launched on 10th September, 2020, in collaboration with commercial banks operating in Pakistan.
These accounts provide innovative banking solutions for millions of NRPs seeking to undertake banking, payment and investment activities in Pakistan.
Under the initiative, several financial products have been provided to the Overseas Pakistanis including Naya Pakistan Certificate for investment, Roshan Apni Car for car financing and Roshan Samaaji Khidmat for donation to charities.
Roshan Apna Ghar is the new lifestyle banking product in the same category. Non-resident Pakistanis can now easily buy or obtain financing with the comfort of sitting in their houses abroad without the need to visit a bank branch.
They can buy or finance a house from bank’s pre-approved projects or any other property. The tax regime is simple and final. In case of sale of property, the principal amount invested can be remitted abroad without needing any permission.
The profit rates are attractive. Financing is available in both conventional and Shariah compliant version.