KARACHI – The Central Directorate of National Savings has invited wellreputed national and international banks for the appointment as leadmanager to launch national saving certificates for overseas Pakistanis.
According to the information received from the Central Directorate ofNational Savings, Overseas Pakistanis Savings Certificates or OPSC areenvisaged to be Pakistan’s first of its kind risk-free and script-lesssecurity for channelizing investments from overseas Pakistanis.
The Overseas Pakistanis Savings Certificates (OPSCs) are aimed to launchbefore the close of this fiscal year, Zafar Masud, Director GeneralNational Savings told Dunya News
Initially, the certificates will be launched in the GCC market and later,OPSCs will be launched in other countries, in different phases, he said.
Certificates would be scrip-less and will be offered in both US dollars andPakistani Rupees. “We hope to raise between $500 million and $1 billion inthe first year of launch”, he explained. The operational aspects of thesecertificates will be managed by a third party.
“National Savings has already appointed a consortium of EY, Haidermota andCompany and Al Tamimi and Company as their Financial and Legal Advisors forthe structuring of the proposed Certificates.”
Well reputed national and international banks either single or jointly forappointment of manage to the issue has been invited while application couldbe received in sealed bids by latest April 30, 2018 for the appointment ofoverseas certificates,” the document said.
CDNS recognizes overseas Pakistan i.e. Pakistani Diaspora as a powerfulresources in national development and has designed a unique product namedas Overseas Pakistanis Savings Certificates which aims at targeting thesavings which are held back in the resident countries overseas Pakistanisare are routed through informal channels.
It is proposed to be offered in both the US dollars and Pakistani Rupeesequivalent certificates. The proposed tenor will be three-year andfive-year with quarterly/semi-annual profit payments. It is clarified thatoverseas Pakistanis will subscribe in this product in foreign currency,whereas transactions will cleared in US dollars i.e. Pakistani will receiveUS dollars.
The minimum investment overseas Pakistani could made in $1000 and Rs 50000,while profit will be disbursed in customer’s bank account in his country ofresidence or of choice.
CDNS is a premier financial institution offering retail governmentsecurities and savings products (known as national savings scheme), levelplaying field to small savers through diversified product mix.
The Institution has investor base of seven million and portfolio of over Rs3500 which is around 30 percent of total banking deposits. Its share indomestic debt of Government is around 19 percent. Most of its products aredesigned for low-income segments of the society.