Roshan pakistan bank account

[AZADPAKISTAN2009]

More details on this Roshan Pakistan Program ?

 

[Bilal.]

Your concerns are valid policy makers in Pakistan have done that stupidity multiple time last time it was Noora who did it. However, things have changed for the better we are now integrated with international financial system.

I do not know about the mechanics of Roshan Pakistan Account but tell you the truth I am in the financial sector, majority of my financial portfolio is still back in states and Canada. We have Forex account with couple of banks in Pakistan as expats, I have been investing in Pakistan equities, Govt Bond through SCRA for a long time and there has not been a single time when I had difficulty in transferring my money from here to there or from there to here.

As for Zakat, all you need to do is give a Rs.50 stamp paper as affidavit to the bank called "CZ-50" and bank will not deduct Zakat on it, come to think of it I'll have to check whether we submitted Zakat affidavit on our forex account or are we exempt. Not a big deal.

Govt can change the law and confiscate the forex but to me it seems far fetched because banks in Pakistan are mostly private and many are owned by outside Pakistan enterprises. Any Forex coming to my account in one of these banks doesn't come physically, its just an e-transaction, the money in turn is delivered electronically to this bank's Nostro account maintained somewhere outside Pakistan. Its not that the money arrives physically here, so any confiscation by GoP seems pretty far fetched and ridiculous.

I can only share my experience and knowledge but any decision you make is entirely yours, if you don't feel comfortable then don't open an account.

Brother, can you open a thread about Pakistani stocks. Which ones are attractive to invest in?

 

[Bouncer]

Invest in some dollar or GBP denominated Mudarabah certificates or just open a savings account. Below are some links to help you get started;

Dollar Mudarabah Certificate | Meezan Bank

The Dollar Mudarabah Certificate (DMC) is a deposit product through which you can invest your US Dollars with Meezan Bank for periods ranging from 3 months to 3 years and earn six-monthly or at maturity profit payments on your investment.

www.meezanbank.com

Bank Alfalah Foreign Currency Fixed Account

FCY Term Deposit offers attractive investment options in foreign currency with tenors starting from 1 month up to 1 year. […]

www.bankalfalah.com

Please keep in mind that foreign currency accounts do not give you the same return % as PKR ones do. But they are a safe way to park your money till you decide on your investment strategy.

Your question about policy change is valid, but chances of something like Gov taking your money are almost zero. It has happened just once in late 90s after the nuclear tests when entire world put us under sanctions. It took almost a decade for investor confidence to recover. I seriously doubt ANY gov would want to go down that route again.

Pakistani banks are as secure as any bank in the West. In fact SBP has very stringent lending rules that actually hamper private sector credit growth. So there is no chance of your bank going belly up and loosing your money.

That being said, if I were in your position I'd put some money in above mentioned certificates and some in aggressive market funds. PSX is gaining momentum and now's the time to make some money there.

Mutual Funds Association Of Pakistan

www.mufap.com.pk

Mutual Funds - Compare & Select Best Mutual Funds in Pakistan | Mawazna.com

Mawazna.com is Pakistan's leading financial products comparison platform. Find best mutual funds, savings and investments products under one roof. Compare mutual funds offered by leading asset management comapnies of Pakistan.

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