Mudaraba Based Investment Opportunity by Govt/State Bank of Pakistan

Assalamu alaykum wa rahmatullah,

I wanted to asked about the permissibility of an investment opportunity currently being offered by the government of Pakistan to both resident and non-resident Pakistani’s. They are marketing this as a mudaraba based investment and from what I have read these are approved by the Shariah Advisory Board of the State Bank of Pakistan (details of its members can be found on their website (I can only include two links in this post!)).

My understanding, based on a news report I have read, is that these may involve a sale and leaseback of assets by the government of Pakistan and holder of the certificate will get a share of the profits from these. I also understand that there may be other investments (all said to be shariah compliant but no further details provided) by the mudarib (a company established by the govt for this purpose). From what I have read the actual share of the profits has fluctuated somewhat in the short period these have been in place - therefore there are no “guaranteed” levels of returns.

I have pasted below some links that should give some further information on these, inshaAllah:

Look forward to hearing about the Muftis’ views on these.

JazakumAllahu khayran


@Mufti_Faraz_Adam @Mufti_Billal

I m also interested to find out; I was wondering if the Board of directors of the SPV (INPCCL) include certificate holders or representatives from the agent banks ? If not then how this company shall be independent of GOP to make the sale and lease back a valid transaction?

@Mufti_Faraz_Adam @Mufti_Billal
Asalaamu alaikum. I am also interested to hear an answer on whether the Naya Pakistan Certificates are halal. Could you please let us know?