FAQ - Roshan Digital Account

Customers open this account by logging on to https://digionboard.faysalbank.com

Customers can choose an account based on their financial needs and product features. Faysal Islami offers twelve account types within our Current and Savings categories:

• Faysal Islami Savings Account PKR (Pakistani Rupees)
• Faysal Islami Savings Account USD (US Dollar)
• Faysal Islami Current Account PKR (Pakistani Rupees)
• Faysal Islami Current Account USD (US Dollar)
• Faysal Islami Current Account GBP (Pound Sterling)
• Faysal Islami Current Account EUR (Euro)
• Faysal Islami Current Account SAR (Saudi Riyal)
• Faysal Islami Current Account AED (Dirhams)
• Faysal Islami Current Account CAD (Canadian Dollar)
• Faysal Islami Current Account CNY (Chinese Yuan)

Following Individuals are eligible to open the account:

Non-resident Pakistani Nationals (NRPs) having CNIC/ SNIC/ NICOP and Foreigners having Pakistan Origin Card (POC) can open an account as follows; – Individually or – Jointly* (FCY Account only with a Resident/Non-resident Pakistani both)
• • Resident Pakistanis can open FCY account (having foreign assets declared in last tax return with FBR) Individually or Jointly with a Resident Pakistani only
• • Employees or officials of the Federal Government or a Provincial Government posted abroad

As per the Income Tax Ordinance, 2001 (updated 31 Dec 2019) – Section 82, Division ll, Chapter 5;

An individual shall be a non-resident individual for a tax year if the individual —

• • is outside of Pakistan for a period of, or periods amounting in aggregate to, 183 days or more in the tax year (July to June); or
• • is outside of Pakistan for a period of, or periods amounting in aggregate to, 120 or more in the tax year and, in the four years preceding the tax year, has been outside of Pakistan for a period of, or periods amounting in aggregate to, 365 days or more.

Resident Pakistanis can only open Foreign Currency Roshan Digital Accounts at Faysal Bank through branches; provided that they have declared their assets held abroad, as per wealth statement declared in the latest tax return with the Federal Board of Revenue (FBR).

Yes, these accounts are fully Shariah compliant duly approved by bank’s Shariah Board.

Current Accounts and Savings Accounts.

Currently we offer accounts in Pakistani Rupees (PKR), US Dollars (USD), EURO, British Pound (GBP), Canadian Dollar (CAD), Dirhams (AED), Saudi Riyal (SAR) and Chinese Yuan (CNY).

• • Investment in upcoming Shariah Compliant Islamic Naya Pakistan Certificate/Stocks/Sukuk and Real-Estate will only be allowed for Roshan Digital Account with attractive rate of return
• • Repatriation/Return of funds invested by the customer through the source account (Back to the account where the amount was remitted from) or any other foreign account.
• • Debit Card & Cheque Book delivery to the NRP customers in their respective countries
• • Digital Services available via Digibank App & Digibank Internet banking (Customers can transfer funds to anyone, Bill payment, Mobile top-up, Zakat & Donation payments and all other transactions that are available in Internet banking & Mobile banking App)

• • Original scanned CNIC/ NICOP/ POC (front and back both)
• • Original scanned Passport (first 2 pages) (Pakistani and/or foreign/other country)
• • Proof of NRP status (e.g. scanned copy of POC, visa, entry/exit stamps, etc.)
• • Proof of Profession and Source of Income/Funds (e.g. scanned copy of job certificate, tax return, rent agreement, salary slips, etc.)
• • Live Photo of customer
• • Signature (Electronic)

No, a valid passport is required to get this account activated

All information and documents shared are secure and will not be divulged. However, the Bank reserves the right to share any such information and data that may be legally obligated to divulge as per local/international laws, rules and regulations etc.

Yes. Multiple accounts can be opened on a single CNIC/NICOP/POC, however one account request needs to be processed completely and verified before another request can be initiated.

No, there is no minimum amount requirement for opening Roshan Digital Account.

Individual Accounts can only be operated singly. Whereas joint accounts can be operated with the option of either or Survivor.

Yes, a minor can open a Roshan Digital Account jointly with his/her parent/guardian, after fulfilling the legal formalities and updated AML/CFT regulations as a secondary account holder.

No, account conversion/ reclassification is not possible.

• Accounts available in Current and Savings Category
• Digital Account Opening: Account will be opened digitally
• Simplified KYC process
• Islamic Current Account opened on the basis of Qard contract and Islamic Savings Account opened on the basis of Mudarabah contract
• Halal returns on balance maintained in account
• Debit Virtual Card: for online payments
• Debit Card and Cheque Books: to be issued only on request of customer (not mandatory features)
• Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed), bill payments in Pakistan and Mobile top-ups
• Account can only be credited by foreign inward remittances originating from outside Pakistan through formal channels (banks or money transfer companies)
• Repatriation of funds: Customers can withdraw their funds through transfer into any account internationally

• Accounts available in Current and Savings Category
• Digital Account Opening: Account will be opened digitally
• Simplified KYC process
• Islamic Current Account opened on the basis of Qard contract and Islamic Savings Account opened on the basis of Mudarabah contract
• Halal returns on balance maintained in account
• Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed)
• Account can only be credited by foreign inward remittances originating from outside Pakistan through formal channels (banks or money transfer companies)
• Repatriation of funds: Customers can withdraw their funds through transfer into any account internationally

• Current Account available in British Pound GBP, Euro, Saudi Riyal SAR, Canadian Dollar CAD, Dirhams AED and Chinese Yuan CNY
• Digital Account Opening: Account will be opened digitally
• Simplified KYC process
• Account will be based on Qard contract
• Online banking, inter / intra bank fund transfers in Pakistan (only debit transactions will be allowed)
• Account can only be credited by foreign inward remittances originating from outside Pakistan through formal channels (banks or money transfer companies)
• Repatriation of funds: Customers can withdraw their funds through transfer into any account internationally

• Faysal Islami Current accounts are based on the Islamic concept of Qard. Qard is a contract where the Bank has to pay back depositor’s money on demand. Also, the Bank reserves the right to use this money for investment and other purposes within the boundaries of Shariah. In Qard-based accounts, the accountholder is not entitled for any gain or loss on the deposit being held with the Bank.

• Faysal Islami Saving Accounts are based on the Islamic concept of Mudarabah. A mudaraba is a partnership, contract/agreement between two or more parties. One party provides capital and the other party manages it. Accountholder, who deposits funds in a savings account is called Rab-ul Mal, and the Bank that manages the funds is called Mudarib. The Mudarib reserves the right to invest funds within the boundaries of Shariah.

• Yes, this account is a special purpose restricted account where the following limitations apply:
• 1.The account can only be funded by foreign inward remittances originating from the account outside Pakistan through banking channels. No other credit/deposit would be allowed.
• 2.The account cannot be funded from within Pakistan, except from the profit and principal repayment against the investment made through the account.
• 3.The account can only be utilized for:
• i. Investment in the Shariah-compliant certificates/stocks/sukuk, receiving halal returns and principal repayment, and
• ii. Repatriation of such return and principal back to the customer's own bank account in the country from which the investments were made or any other foreign account.
• iii. All other legitimate Shariah compliant purposes locally allowed under the relevant Foreign Exchange regulations, including online banking (bill payments in Pakistan, Inter/ Intra bank Fund Transfers in Pakistan) and cash withdrawal in Pakistan

• Yes, funds may be repatriated abroad without any regulatory approval through Faysal Bank Internet and Mobile Banking. The bank will process the repatriation request within 2 working days. Please note that funds can be repatriated into the customer’s own bank account shared at the time of account opening or any other foreign account.

• Yes, utility bills and other payment facilities are also available through Digibank Mobile App and Digibank Internet Banking.

• Yes, PKR funds may be transferred to any local account in Pakistan.

• Upon satisfactory completion of the requirements, the account will be opened and Faysal Bank will send welcome email to the customer and request the customer to deposit funds and make the investment.

• Customers can fill out the application form in multiple sessions. The information is automatically saved as the customer fills out the form, after submission of first page and can resume later by entering the provided reference number through email. Once a document is submitted, customer will not be able to make any amendments. We request the customers to view the documentation requirements prior to starting their application and keep them handy during the application submission process.

• In case of query throughout any stage of the application process, please contact us at digionboard@faysalbank.com or call us at +92 21 111 06 06 06 where our 24/7 contact center staff will be able to assist you.

Relationship Manager will contact customer over email and / or telephone call and KYC will also be done over recorded telephone lines.

The account will be opened within 48 hours in case of no discrepancies.

Yes, Cheque book facility can be availed by Roshan Digital Account holders.

Yes. Currently, all PKR Roshan Digital account holders of following accounts can avail this facility.

• • Roshan Digital Current Account PKR
• • Roshan Digital Saving Account PKR

Faysal Bank MasterCard Classic can be availed against PKR Roshan Digital account.

Debit card shall be delivered at the customer’s provided correspondence address.

Yes, these debit cards are accepted at over millions of POS terminals in more than 200+ countries around the globe. Debit Card can be activated through our call center at +92 21 111 06 06 06 before usage.

Delivery of debit cards shall take 15 days on average after call-back confirmation; however, this may vary subject to the destination country.

In case of withdrawal within Pakistan, the funds will be disbursed in PKR. Similarly, in case of withdrawal outside Pakistan, currency of the resident country shall be disbursed. It may be noted that applicable conversion rates may vary from currency to currency.

Courier charges as per Bank’s Schedule of Charges

Roshan Digital Accounts can only be funded by remittance from outside Pakistan through Banking channels.

Currently, Faysal Bank Ltd. does not have any charges on Inward and Outward remittance. Please refer to our Schedule of Charges (SOC) for latest updates. Moreover, correspondent bank charges may apply.

No, there are no taxes on Remittance. However, WHT will be levied, where applicable, as per the regulatory requirement.

On Income Earned through Roshan Digital Accounts

• There is no tax on profit earned from Roshan Digital Accounts or allied bank products. These accounts are exempt from tax including withholding tax with no requirement to obtain exemption certificate.
• 2. On Income earned from investment in Islamic Naya Pakistan Certificates/Sukuk 10% tax on capital gains/profit, will be deducted and will be considered as full and final discharge of tax liability

• Income earned from Government issued securities/Islamic Naya Pakistan for Resident Persons is subject to tax at the rate of 10%, which shall be considered as full and final discharge of tax liability.

• No, NRPs investing through Roshan Digital Accounts are now not required to obtain National Tax Number and file tax return in Pakistan if such person has no Pakistan-source income other than income earned through Roshan Digital Accounts and/or investments made through Roshan Digital Account.

• Yes, NRPs who are eligible for tax treaty benefits in excess of offered tax benefits for RDA customers, may opt to avail the treaty benefits following the normal course laid down in the law. However, we consider that the simplified scheme laid down in the law is more attractive in terms of practicalities involved in applying for the treaty benefits.

• Non-Filer RDA customers are exempted from withholding taxes on the following;
• • Cash withdrawal from bank
• • Sale of banking instrument against cash
• • Non-cash transactions (sale of instrument other than cash or fund transfer etc.)

• Customers can invest in;
• • Shariah compliant stocks through CDC account
• • Islamic securities issued by Government of Pakistan namely Islamic Naya Pakistan Certificates and Sukuk
• • Barkat Investment Certificate offered by Faysal Bank Limited
• • Real estate (DHA and more)

• Yes, Roshan Digital Account holders can invest in Shariah Compliant stocks (KMI All Index) by applying for an account with the CDC through the Faysal Bank Digibank app or internet banking under the Roshan Digital services tab.

• The customer will have their account opening request sent to the CDC through the Faysal Bank Digibank app or Internet Banking, which will then be funded through their Roshan Digital Account held with Faysal Bank. These funds will be used to purchase Shariah Compliant stocks (KMI All Index) via brokerage house of the customer’s choice selected when the account opening request was made.

• Islamic Naya Pakistan Certificates are shariah-compliant scripless (non-physical) securities issued by SBP for investment through Roshan Digital accounts with attractive halal returns.

• Roshan Digital account holders can invest in the Islamic Naya Pakistan Certificate through the Faysal Bank Digibank app or Internet Banking under the Roshan Digital Services tab.

• Only Roshan Digital accountholders (both Non-Resident and Resident Pakistanis with wealth declared abroad) are eligible to invest in Islamic Naya Pakistan Certificates.

• Islamic Naya Pakistan Certificates are available in both short- and long-term tenors. Customers also have the option to invest in PKR, USD, GBP and EURO denominated Islamic Naya Pakistan Certificates. There is no limit on the maximum investment that can be made. The tenors for INPC are as follows: 3-Months, 6-Months, 12-Months, 3-Years & 5-Years.

• PKR Roshan Digital Account holders can invest in PKR INPCs.
• USD, GBP and EUR Currency Roshan Digital Account holders can invest in USD, GBP and EUR INPCs respectively.
• Other Foreign Currency Roshan Digital Account holders can invest in USD INPCs only.

• Minimum amount of Investment in each certificate is as under
• PKR Denominated Certificates Minimum investment of PKR 100,000 with Integral multiples of PKR 10,000
• US Dollar Denominated Certificates Minimum investment of USD 5,000 with integral multiples of USD 1,000.
• GBP Denominated Certificates Minimum investment of GBP 5,000 with integral multiples of GBP 1,000.
• EUR Dollar Denominated Certificates Minimum investment of EUR 5,000 with integral multiples of EUR 1,000.

• For profit rates and weightages, please visit https://www.faysalbank.com/en/roshan-digital-accounts-for-overseas-pakistanis/islamic-naya-pakistan-certificate/

• Yes, early/premature encashment is allowed only after the respective certificate has been held for a month. For the same, profit of broken period will be calculated at the profit rate of the nearest shorter tenor (e.g. 6 months' certificate encashed in 4th month, profit will be calculated at the profit rate of 3 months' certificate).

• In case of death of the customer, payment of principal amount and profit will be paid to the legal heirs of the deceased in accordance with a valid succession certificate or equivalent document issued in this regard.

• The INPC is exempted from compulsory deduction of Zakat.

• BIC is be available in PKR and USD currency
• Flexible tenure options ranging from 1 Month, 3 Month, 6 Months and 1 Year
• Profit Payment Frequency of Monthly, Quarterly, Semi-Annually and Maturity will be available
• Minimum investment of PKR 50,000 is required for PKR BIC and USD 1,000 for FCY BIC
• Lucrative Halal profit returns
• All taxes and Zakat will be applicable as per regulations. All regulatory conditions will be levied as defined in relevant government regulations.

• Roshan Digital Account provides an opportunity for Non-Resident / Overseas Pakistanis to remotely open a bank account with State Bank of Pakistan (SBP) designated Pakistani banks through an entirely digital and online process. This account will enable them to avail banking services like funds transfer, remittances, bills & fee payments, and invest in various Shariah compliant instruments including stocks / shares i.e., companies listed in KMI All Shares Index.

• Select “Roshan Digital Services” on Faysal digi Internet Banking / app. With the following further steps, you can start investing in Pakistan Stock Market through Roshan Digital Account:
• • Click on the ‘Investments’ tab then Click “Stock Market” Tab to share Roshan Digital Account details with Central Depository Company (CDC) and other capital market entities
• • Click ‘I Agree’ to Terms and Conditions for Investing in Pakistan Capital Market and I shall also provide the Shariah Compliance undertaken as well.
• • Select the Broker

• You will receive an ‘Acknowledgement Email’ from CDC as soon we receive the consent and information from your bank.

• In 24 hours of receiving the acknowledgement mail from CDC and after verification of your information/ credentials, you will receive an Account Opening Package email from CDC, comprising of the following actions and details:
• 1. Opening of your Trading Account with your selected broker.
• 2. Creation and Registration of your Unique Identification Number (UIN).
• 3. Opening of your Custody Account (CDC Account).
• 4. Activation of Direct Settlement Service (DSS) in your Investor Account (if you have opted for the same).
• 5. Creation of your CDC Web Access Login ID and Password.

• A Trading Account is opened on behalf of the Investor with a broker and is used for trading in All KMI 30 index shares.

• In order to authenticate each trade and transaction executed in the stock market, NCCPL registers investors by assigning a Unique Identification Number (UIN). Registered UINs are provided to the stock exchange by NCCPL and it is mandatory for brokers to enter the same while trading.

• A Custody Account is a shares custody account opened with CDC.

• Direct Settlement Service (DSS) is a web based service through which IAS Account Holders can settle their trades executed at Stock Exchange directly through their respective IAS Account. Investors have to contact the broker only for the execution of trades. Further details about Direct Settlement Service are available on the following link: https://www.cdcpakistan.com/businesses/others/direct-settlement-services/

• You will be contacted directly by your broker regarding their Fee and Commission Structure and other trading details. Please note that before the opening of your Trading Account, the broker will perform its own due diligence and may ask for more details / information.

• Before you initiate your first trade, you have to initiate a Fund Transfer request from your Roshan Digital Account to CDC Bank Account maintained with your bank (details of which were provided with the Account Opening Package).

• You can purchase Shariah-compliant shares through broker’s online trading app / portal easily within the amount transferred by you to CDC.

• At T+2 (2 business days after transaction), CDC will pay cash on your behalf against the purchase and will receive shares in your CDC Account. CDC will also notify you regarding the transaction.

• You can sell your already purchased shares through your broker’s online trading app / portal easily after T+2 (2 business days after transaction) of purchase.

• At T+2 (2 business days after transaction), CDC will transfer the shares out of your CDC Account and will receive cash on your behalf, which will be readily available for any further transactions.

• All Corporate Action entitlements will be credited in your CDC Account. Your Cash Dividends will also be made available with CDC. All information regarding Corporate Actions will be provided to bank and will be available to you through CDC Access web portal and app.

• CDC will pay your broker’s commission from the cash transferred by you from your Roshan Digital Account to CDC bank account.

• NCCPL charges are applicable on the clearing of trades and will be deducted by CDC, details of which will be provided to you. For schedule of NCCPL’s fee and charges, please refer to www.nccpl.com.pk

• No, this service is FREE-OF-COST for Overseas Pakistanis. For more information, please visit: https://www.psx.com.pk/psx/resources-and-tools/investors/investing-on-psx-from-overseas