Banks to offer financing rates from 7% with priority delivery
Pakistan’s Prime Minister Imran Khan arrives for the Global Refugee Forum at the United Nations in Geneva, Switzerland, December 17, 2019,. Image used for illustrative purpose.REUTERS/Denis BalibouseBy Waheed Abbas, Khaleej Times
Pakistan prime minister Imran Khan on Thursday launched two new schemes – Roshan Apni Car (car finance) and Roshan Samaji Khidmat (charity) – for overseas Pakistanis who have Roshan Digital Accounts (RDAs).
Khan said the government attracted $1 billion through 120,000 RDAs and there are around nine million Pakistanis working abroad which can be tapped to attract more foreign exchange reserves.
“If we tap two out of nine million overseas Pakistanis, these remittances figures can be much higher. You have to have think out of box,” Khan said at the launch of new schemes in the presence of senior public and private sector officials.
“In the past one year, we received record remittances and it is just tip of the iceberg of what we have tapped,” he said, adding that tapping overseas Pakistanis is key to fill the current account deficit gap and kept afloat the national economy.
He pointed out that the current account deficit devalues the rupee and also have a negative impact on foreign investments.
Roshan Apni Car
Roshan Digital Account was launched seven months ago to connect on-resident Pakistanis to Pakistan’s banking system digitally. RDAs allows NRPs to invest in stock market and real estate sector, pay utility bills and fees.
Senator Faisal Javed Khan said Roshan Digital Account holders can avail financing under Roshan Apni Car at very attractive terms to purchase a car for their loved ones in Pakistan. “Banks are offering both conventional and Islamic modes of financing at attractive mark-up rates starting from seven per cent with priority delivery,” he said.
Dr Reza Baqir, governor of State Bank of Pakistan, said under the Roshan Apni Car scheme, the overseas Pakistanis would be a one click away to digitally purchase a car for their families and friends in Pakistan on reduced mark up and delivery time.
While the second charity scheme – Roshan Samaji Khidmat – would offer a simplified mode for expatriates to send charity and donations to Pakistan, including to its flagship Ehsaas socio-welfare project, said Dr. Baqir.