ADVERTISEMENT SUPPLEMENT 1 DAWN THURSDAY MAY 6, 2021 S AMBA Bank Limited (SBL) is a subsidiary of one of the largest finan- cial groups in the Middle East and the Kingdom of Saudi Arabia (KSA) by virtue of majority stake. Over the last few years, SBL has invested heavily in its operations and technology to provide its customers with a world-class banking experience not just in Pakistan but also around the world. Owing to our technological prowess, customer-centric operations and expertise in handling the Non- Resident Pakistani (NRP) segment, Samba Bank Limited is amongst the few major banks in Pakistan to offer full-scale lifestyle banking through Roshan Digital Account specifically designed for NRPs. Roshan Digital Account is a major initiative of State Bank of Pakistan aimed at providing innovative bank- ing solutions to millions of Non- Resident Pakistanis seeking to under- take banking, payment and invest- ment activities in Pakistan. For the first time in Pakistan’s his- tory, NRPs have the opportunity to remotely open an account in Pakistan through an entirely digital process without any need to visit a bank branch in Pakistan. In addition to account opening, the NRPs have dig- ital access to a wide assortment of attractive investment avenues, which include Conventional & Islamic Naya Pakistan Certificates, online trading in Pakistan Stock Exchange as well as investment in the Real-Estate market. Our core objective is to serve our customers in an ethical and transpar- ent manner and to play the role of cat- alyst in the financial sector of Pakistan thus contributing in steer- ing Pakistan towards a more stable P AKISTAN is a country with a rich culture and heritage. With a strong middle class and a rich demographical landscape, the coun- try is home to a population of over 207 mil- lion people. According to the Ministry of Overseas Pakistanis and Human Resource Development, around 9 million Pakistani’s (4 % of the population) reside abroad. Remittances are an important and growing source of foreign exchange for Pakistan. Pakistanis abroad con- tinue to remit money back home and have widely entrusted the country’s banks and other legal avenues for transfer of funds. To accelerate the flow of Remittances through banking channels and facilitate expatriates with a reliable, and convenient mechanism to remain connected to their country, the Government of Pakistan (GoP) launched the Roshan Digital Account, a unique initiative for the Overseas Pakistanis in September 2020. The Roshan Digital Account (RDA) is a revolutionary concept for Banking in Pakistan. It allows Pakistanis across the globe with a simple & convenient way of open- ing accounts from the comfort of their homes. It provides all the benefits of a conventional account and lifestyle ser- vices including funds transfers, bill payments etc. through HBL’s Mobile App. Additionally, it also allows Pakistanis to invest in multiple investment avenues such as Naya Pakistan Certificates, investment in the local real estate as well as in the Pakistan Stock Exchange (PSX). Recently the Government has also added Roshan Apni Car an auto loan proposition as well as Roshan Samaaji Khidmat, a portal that allows Roshan Digital Account customers to send contribution or zakat digitally to the charity of their choice. With the addition of these two facilities, the Roshan Digital Account has become a comprehensive solution for the Overseas Pakistanis. As the largest bank in Pakistan, HBL is shaping the future through a paradigm shift towards becoming a ‘Technology Company with a Banking License.’ HBL was one of the few banks chosen to lead this initiative. With Roshan Digital Account T HE Roshan Digital Acc- ount (RDA) is the star performer in Pakistan’s financial landscape and a successful initiative of the Government of Pakistan in that it addresses the concerns of the overseas Pakistanis who want to build their wealth in Pakistan while the govern- ment deploys the incoming funds into the much needed reserves. The stock market has to-date received a comparatively selective response from the overseas Pakistanis and this in my opinion can be attrib- uted to multiple factors. Other than the fact that the banks’ dashboards have to be aligned to place the offer- ing prominently within their portal consoles of the Roshan Digital Accounts and mention the procedures clearly, the stock market is a complex product offering to sell as it doesn’t RDA, stock exchange and investment opportunities for overseas Pakistanis Samba Bank Limited facilitating NRPs through Roshan Digital Account P AKISTAN is currently going through an unprecedented cha- nge in landscape being put toge- ther by the honourable prime minister and his team. We are seeing a level of consistency and commitment lead by the federal government in formulating adequate policy response accompanied by an open door policy allowing for a comprehensive input from all stakehold- ers. In this regard, the AKD Group wou- ld like to specifically congratulate the State Bank of Pakistan on the success of the Roshan Digital Accounts - RDA. The State Bank of Pakistan, under the leadership of its Honourable Governor Dr Reza Baqir, has been an instrumental part of the government’s team in installing macro-economic sta- bility while introducing timely policy responses to counter the impact of unexpected and unforeseen chal- lenges that Pakistan and the world have faced in recent times. Coordinated and targeted efforts by the government have anchored a rela- tively swift economic recovery across major sectors of the real economy rela- tive to our peer group regional coun- tries including recovery from real estate and construction into allied sec- tors such as cement, steel to autos, manufacturing and pharmaceuticals. This is a combination of macro and micro level policy responses from gov- ernment institutions such as a timely response from Pakistan’s central bank to reduce interest rates as well as Rs.1 trillion worth of liquidity measures to help domestic businesses including deferments, restructuring and the introduction of TERF (Temporary Economic Refinance Facility) to pro- mote setting up of new industrial units. At the same time various measures that are currently being undertaken Message Continued on Page 3 Continued on Page 4 Continued on Page 3 Continued on Page 4 By Raeda Latif Head of Marketing & Business Development, Pakistan Stock Exchange Limited Mr Aqeel Karim Dhedhi — Sitara-e-Imtiaz Chairman, AKD Group/Chairman Stock Brokers Association (PSBA) ADVERTISEMENT SUPPLEMENT 2 DAWN THURSDAY MAY 6, 2021 T HE Foundation Securities (Pvt) Ltd (FSL) started its journey in 2005 as financial ser- vices arm of Fauji Foundation group. The vision of Foundation Securities is to provide best in class equity related financial services to investors. This goal is coupled with a broader vision of creating financial awareness which plays a vital role in the development of financial markets of any country. Since its inception, Foundation Securities (Pvt.) Limited has emerged as one of the leading brokerage houses pro- viding specialised financial services through offices in Karachi, Lahore and Islamabad catering to the needs of a large base of local and foreign institutions and retail cli- ents. As a part of modernisation in 2011, FSL started with state-of-the-art online trading platform which provides seamless service to non-resident Pakistanis locally and around the globe. The company has one of the most accredited equity mar- ket teams in Pakistan providing the best services to classes of investors like High Net Worth, Institutions, Asset Managers, Foreign Investors and individual clients. Our highly qualified and dedicated research team works closely with investors and augments to their invest- ment decisions. Foundation Securities provides highly regarded professional research with sound fundamental insights to all major industry segments. Our research department covers more than 60% of KSE-100 market capitalisation. We also provide detail notes on macroeco- nomic outlook. Coupled with research insight, FSL pro- vides superior market insight and strive for most efficient execution using technological tools. To maintain highest professional and ethical standards FSL does not maintain proprietary book so our customers are confident of execu- tion integrity. These efforts have earned Foundation Securities to be rated amongst top brokerage houses of Pakistan. The FSL team members of equity research and Sales Desk have been recognised by CFA Society Pakistan and Asia Money. Moreover, Foundation Sales Desk has exten- sive experience in servicing both domestic and interna- tional institutional investors with relationships across the globe including key financial centers. Foundation Securities has received the award for Best Analyst in Transportation and Logistics (2020) by Asia Money and has been the runner-up for Best Equity Trader award (2019) by CFA Society Pakistan. The Foundation Securities derives strength from spon- sor Fauji Foundation which is amongst the largest business conglomerate in Pakistan with non-profitable goal as its slogan is “Earns To Serve”. Key companies in the group include, Fauji Fertilizer Company Limited (FFC), Fauji Fertilizer Bin Qasim Limited (FFBL), Fauji Foods Limited (FFL), Mari Petroleum Limited (MARI), Fauji Cement Company Limited (FCCL) and Askari Bank Limited (AKBL) etc. Our online products We cater to large number of online clients and offer state-of-the-art online trading system “Foundation Edge” which is a multi-trading platform (application & web trad- ing) and offers following key features: • Fast & Secure application. • Live charts, Market information & various other tools • Client Custody, Cash and Portfolio reports. • Online payment request. • Online deposit & withdrawal. • No Hidden Cost. • Access to our high quality technical & fundamental research. • A dedicated IT helpline number will be avail to assist you with any IT related issues. • Call & Trade facility available. Edge Value — Value yourself with Edge Value A self-directed account in which investors trade with their own judgment. Open an account with only PKR 25,000. Edge Prime — Be privileged with Edge Prime In this package, Foundation Edge provides Online Trading Account and assign a trader. Open an account with only PKR 300,000. Shariah Edge – Pioneer in Shariah based stock trading Platform An exclusive product for Shariah compliant stocks of KMI ALL PSX index. Now invest through Shariah EDGE platform using Desktop Terminal, Web portal and Mobile App with 100% Cash investment. No Leverage or loan and following features meeting the standards of Shariah Platform: • Trade on Ready counter only • Selling allowed after settlement only • Restriction on sale of Letter of Rights • Trade Shariah based Exchange Traded Fund Meezan Pakistan ETF. Account opening — Shariah Edge Simply fill and submit Client Relationship and Know Your Customer (KYC) forms along with relevant docu- ments and do Biometric verification. EDGE — Roshan Digital Account Roshan Digital Account is an initiative by the State Bank of Pakistan to facilitate Non-Resident Pakistanis (NRP) in opening a digital / online bank account with SBP designated banks to facilitate digital access to all conven- tional account services including funds transfer, Investment in Stocks, Investment in Real estate, bills and fee payments, and e-commerce. Foundation Securities provides seamless equity trading and research services our customers from Roshan Digital Account. Our pro-ac- tive sales and customer support team is poised to advice you with timely investment opportunities and make your trading smooth and productive. Foundation Securities is one of the few TREC Holders of Pakistan Stock Exchange (PSX) to electronically link up CDC (Investor Account and its Direct Settlement Service) with its Digital Trading Solution and integrate it with all the banks offering Roshan Digital Account. Foundation Securities also took lead in providing one- stop digital solution to Non Resident Pakistanis for the opening of their corresponding Stock Investment account. NRP scan select Foundation Securities as their broker after opening Roshan Digital Account with selected bank and access Pakistan Stock Exchange through its online trading terminal. Research Portal — All information at one place Our customers get free access to our research portal which is one of the most comprehensive in the industry. We offer the following features in our research portal which is integrated with our Online Stock trading software • Real Time and Historical Data • Published research reports on stocks under coverage • Flexibility to view Analytics Portal data in 5 interna - tional currencies • Indices Dashboard • Financial Statements, fundamental and comprehen - sive qualitative analysis • Updated Economy Indicators on Dashboard • Advance Technical Analysis Charting • Company Snapshot, Sector Trackers • Investing Newsfeed, Live Script ticker, Payout Calendar • Portfolio Investment details graphs and data (FIPI & LIPI) • Live and historical announcements • Detailed insider transactions and much more. Being your preferred broker FSL now plans to offer real- time online payment solution and additional features in Research portal, road shows and much more. n Foundation Securities (Pvt) Limited providing one-stop digital solution to NRPs Syed Ahmad Zaidi CEO Foundation Securities (Pvt.) Limited Since its inception, Foundation Securities (Pvt) Limited has emerged as one of the leading brokerage houses providing specialised financial services through offices in Karachi, Lahore and Islamabad catering to the needs of a large base of local and foreign institutions and retail clients. Continued from Page 1 and prosperous economic hub. Samba Bank Limited’s collaboration with the State Bank of Pakistan for marketing the Roshan Digital Account is a natural fit to the franchise’s core operational model which revolves around providing customers with the convenience of undertaking day to day banking transactions ‘digitally’ from the convenience of their homes or wherever they are in the world. The Bank offers state of the art & secured mobile banking application and internet bank- ing which allows the customer to stay up to date on all the account activities including place- ment of requests for investments in Naya Pakistan Certificates (Conventional & Islamic), utility bill payments and mobile top-ups, easy access to wealth insurance products and high yielding investment avenues. The RDA custom- ers can use their Samba Master Debit Card around the world for ATM transactions, E-Commerce, at millions of merchants around the world as well as CIP lounges. n ADVERTISEMENT SUPPLEMENT 3 DAWN THURSDAY MAY 6, 2021 W ITHIN eight months of the State Bank of Pakistan (SBP) launch- ing the Roshan Digital Account (RDA), a first- of-its-kind formal digital channel that allows foreign currency to flow into Pakistan through documented means, our prediction of the US$1 billion fund inflows in RDA milestone has become a reality. With the collaboration of the banking sector, the response to RDA, offered to the Non-Resident Pakistanis (NRPs), has esca- lated rapidly, with most of the deposits reportedly parked in the attractive invest- ments, Naya Pakistan Certificates (NPC). The product has not only given a boost to contribution towards financial inclusion from NRPs, providing support to total for- eign exchange reserves of the country but has also encouraged remittances routing through official channels and provide digi- tal banking solutions such as fund transfers, bills and fee payments, investing in real estate and other e-commerce activities. The Pakistani diaspora is estimated at approximately 6.3 million (about 25 per cent in Saudi Arabia), making Pakistan the sixth largest origin of total migrants in the world. Assuming SBP is able to tap 40 per cent of these NRPs to each deposit US$1,000 in RDAs, it can potentially gather US$ 2.5 billion deposits under the same. While this number is not unachieva- ble (it is the equivalent of an average Euro Bond earlier floated by the government), we believe SBP would need to continue to execute an aggressive marketing strategy to accomplish the same. Moreover, with recent announcement of launching car financing (through Roshan Apni Car) and offering charity (through Roshan Samaji Khidmat), SBP is also working on launch- ing other products under RDA. This digital initiative also provides a medium to NRPs to invest in Pakistan’s equity markets. We are proud to share that JS Global Capital is one of the first TREC Holders of Pakistan Stock Exchange (PSX) to digi- tally connect all banks offering RDA with prospective clients’ CDC Investor Account and link its Direct Settlement Service (DSS) with its Digital Trading Solution. Once again, being the first movers, we also offer one-stop digital solution to our pro- spective NRP clients. Though investment in the local bourse has not been as signifi- cant as yet, the attractive multiples of KSE100 Index offer a remarkable opportu- nity to NRPs to invest in one of the world’s most attractive markets. While the MSCI Emerging Markets trade at a Price Earnings multiple of 23.05x, the KSE100 currently trades close to 7.5x. This effectively means that Pakistan equities are currently trading at a discount of more than 65 per cent to comparative peers. From another perspective, the KSE-100’s Price Earnings multiple over the last decade has been 9.7x while the 15-year average stands at 10.6x. Similarly, the Price to Book ratio of the KSE100 currently stands slightly below 1x as against the 10-year average of about 1.6x. Hence, it becomes evident that the KSE100 is attractive even from the lens of its own historic average. The RDA provides NRPs a great opportu- nity to invest at these tremendous valuations. Furthermore, the Exchange Traded Funds (ETFs) are also a great investment avenue for the less active investors, allowing them to track a pre-selected basket of stocks. n —JS Global Capital Ltd Endless opportunities The Pakistani diaspora is estimated at approximately 6.3 million (about 25 per cent in Saudi Arabia), making Pakistan the sixth largest origin of total migrants in the world. Assuming SBP is able to tap 40 per cent of these NRPs to each deposit US$1,000 in RDAs, it can potentially gather US$ 2.5 billion deposits. O VERSEAS Pakistani workers have shown a tremendous interest in the Roshan Digital Account initiative of the State Bank. Pakistanis living and working in 100 coun- tries across the world have so far opened 100,000 accounts to transfer a total sum of $671m back to the country of their origin in almost six months after the initiative was launched by the prime minister. Half of these deposits are said to have been shifted to local banks in the last two months as more non-resident Pakistanis learn about the scheme. The market expects the number of accounts to grow further and RDA deposits to jump to $1bn before the end of the current fiscal on June 30 and to $1.5bn-$2bn by end December, shoring up the country’s weak for- eign exchange reserves. Lucrative interest rates compared with the nearly 0pc return they are getting in their host countries as well as the ease of moving their money into and out of Pakistan by clicking on their mobile devices whenever they need to is believed to have contributed significantly to the success of the initiative. In addition, the facility to non-resident Pakistanis to invest in property, government debt papers and the stock market, and to pay online tuition fee or utility bills through their digital accounts must have also served as a huge attraction. By way of example, non-resident citizens of India as well as China have had a crucial role to play in the economic progress of their home country. They have not only helped by remitting their savings for invest- ments but have also played an important role in changing the world’s perception of their countries, resulting in the inflow of massive foreign direct investment. Overseas Pakistani workers have also been doing much to help their country by contributing to the stability of the nation’s external account via large remittances that are equal to our annual exports. It is regrettable though that it is only now that the government and the central bank have taken steps to facilitate them in moving their sav- ings back home. It is hoped that the success of these digital accounts will encourage the central bank to come up with more initiatives to persuade overseas Pakistanis to invest in the manufacturing industry and other productive segments of the economy in order to enhance growth, create jobs and make up for the drying foreign investment. n The Editorial was first published in Dawn on March 15, 2021. Benefits of RDA It is hoped that the success of these digital accounts will encourage the central bank to come up with more initiatives to persuade overseas Pakistanis to invest more. Continued from Page 1 ebanc Roshan Digital account, HBL is striving to simplify the lives of all its customers with a 4 step process and minimum documentary requirements to ensure that each customer gets personalized service 24/7 across multiple ter- ritories and time zones. Recognizing this as a great nation building opportunity, HBL has taken a leading role in encouraging overseas Pakistanis toward this proposition. Using both conventional and digital mediums to promote the Roshan Digital Account, HBL has been actively utilizing multiple channels to showcase the initiative. HBL developed and aired its own TV Commercial highlighting Naya Pakistan Certificates and other Roshan Digital Account features to showcase the salient features of the proposition. Using conventional channels to promote the initiative, HBL deployed ads on radio, print media including a front page ad in leading newspapers of Pakistan. The Bank also published advertisements in magazines coupled with press releases to highlight the Roshan Digital Account proposition. The Bank has also undertaken promotion of the proposition via its social media accounts on Facebook, Instagram, twitter, YouTube and LinkedIn. Partnering with Pakistan’s leading airline, HBL continues to offer hygiene kits consisting of a mask and sanitizer for all domestic and international passengers in these tough COVID afflicted times. There has been an overwhelming response by Pakistanis from across the globe in this initiative. As per SBP estimates over 124,000 accounts have been opened by the participating banks with over USD 1 bn channeled in terms of remittances thus far. To encourage Pakistanis to invest in their home country, the GoP has allowed multiple investment avenues through the medium of Roshan Digital Accounts. One of the most lucrative options allowed under this scheme perhaps is the investment in Naya Pakistan Certificates which offer extremely lucrative returns. Available in both conventional & Shariah Complaint variants, these scrip less certificates are denominated in PKR as well as multiple foreign cur- rencies like USD, GBP & EUR. These certificates are an increasingly popular investment avenue by the Pakistani diaspora abroad. As per SBP estimates, thus far Pakistan has seen an influx of USD 675 mn channeled into NPCs alone. HBL strongly believes in the Roshan Digital Account initiative and is proud to be associated with this proposition. The Roshan Digital Account has been a priority for the bank since its launch. As the bank continues its journey of maintaining its position as the leading financial institution in the country, it remains committed to supporting Pakistan’s economic growth and develop- ment, taking the lead in shaping the financial services landscape and increas- ing its regional relevance. HBL will continue to ensure that the benefits of the Roshan Digital Account are communicated to Pakistanis across the globe. The proposition will continue to remain a priority for the bank in the near future. n For opening your account, details of additional benefits and investment oppor- tunities through ebanc Roshan Digital Account, visit www.hbl.com/ebancros- handigitalaccount Samba Bank Limited facilitating NRPs through Roshan Digital Account Roshan Digital Account ADVERTISEMENT SUPPLEMENT 4 DAWN THURSDAY MAY 6, 2021 RDA, stock exchange and investment opportunities for overseas Pakistanis Continued from Page 1 have a straightforward profit amount to communicate. While those who have even a basic understanding of the stock market would know that they have to work closely with the brokerage firms to build their portfolios i.e. outline their investment objectives, identify the companies in which they want to invest, and gauge the risk vs return potential of the various scrips. Active stock selection can be a bit of a chal- lenge for the newbie investor as it requires skill and time to analyse the different stocks and pick the optimal one in terms of their risk return objec- tives or financial range. This is the reason why stock market investment might be a bit of a hard-sell though it should not be so as Pakistan’s stock market offers some of the highest returns in the world in comparison to other markets globally. The (CAGR) returns offered by Pakistan’s stock mar- ket (KSE-100 Index) have been the high- est* (14%) for the last 20 year period in USD terms as compared to the returns from markets such as China (6% - Shanghai Comp Index), India (13% - Sensex Index), South Korea (12% - KOSPI Index) and USA (8% - S&P 500). A simple solution — Exchange Traded Funds So what should be offered to the over- seas Pakistani to attract them to their homeland’s capital market? Whilst keeping in view that many overseas Pakistanis may not be financially savvy and are not comfortable with financial analytics and research required to build stock portfolios, the Exchange Traded Funds (ETFs) present themselves as the perfect solution. By investing in ETFs, the investor participates in the stock market without worrying about follow- A KD Securities Limited - a mar- ket leader in brokerage and investment banking activi- ties. Underpinning our strat- egy that is spread across all aspects of our operations, we maintain an unwavering focus on meeting the needs of our clients. From unmatched excellence in research and brokerage for domestic and for- eign institutional investors to a revolutionary online stock trading platform to insightful investment and advisory services. We con- stantly deliver top-quality services including execution, settlement, and research and risk management to enhance your trading experi- ence. A renowned investment banking department rounds up our product suite. AKDSL has consistently held a market leading share of around 10% of the Daily Traded Value at the PSX. We service to over 100 institutions; both domestic and interna- tional, alongside high net worth clients across several sectors. A large and diversified insti- tutional as well as retail client base enables us to execute regular orders, large block trades and private placements with speed, efficacy and minimum impact cost. The Equity-Brokerage division caters to both local as well as foreign institutional cli- ents and high net worth individuals. Retail clients are serviced through AKD Trade; Pakistan’s first online trading platform and the online division of AKD Securities Limited which enables investors to trade at the PSX from anywhere around the world. AKDSL has always taken the pride of introducing innova- tion, digitalisation & modernisation in the capital markets of the country. Introduction of online stocks trading platform by AKD Securities almost 19 years ago proved to be the first step towards modern day digitalisa- tion being witnessed in the form of Digital Onboarding and Roshan Digital Accounts. Roshan Digital Accounts (RDA): An initiative taken by the State Bank of Pakistan facilitated by Central Depository Company – CDC, National Clearing Company of Pakistan limited – NCCPL, Pakistan Stock Exchange – PSX, Securities & Exchange Commission of Pakistan - SECP providing a unique opportunity for Overseas/Non- Resident Pakistanis (NRPs) to electronically open a digital/online bank account with any of the participating banks. AKD Securities Limited would be the first brokerage house to provide multiple custody option to its valued RDA clients through: • Central Depository Company of Pakistan Limited • National Clearing Company of Pakistan Limited (coming soon) AKD Trade Services for RDA Clients: Some key online services being extended to our valued RDA clients include: AKD Trading Platforms: As far as services are concerned, we will be providing you the platform for carrying out online stocks trad- ing transactions, you may just login into your AKD Trade account and explore all the options available in our trading platforms. AKD Trade Cast: You may download our main trading platform (for desktop/laptop) from online.akdtrade.biz AKD Tick: Mobile trading app available at Google Play Store for Androids AKD iTick: Mobile trading app available at App Store for iOS. AKD Analytics: Besides a variety of other fea- tures available in our trading applications, there’s a link of AKD Analytics in AKD TradeCast, where you can find a wide range of fundamental data as well as technical tools including advanced chartings allowing you to make comprehensive decisions not only for selecting the right stocks but also deriving your own levels suiting your own style and standards. AKD Research: We will also be sending you Research reports on daily basis on your given email address not only covering important happenings and key information regarding different companies, sectors of the market but the overall economy as well. AKD Equity Advisory Desk: An Equity Advisory service for consulting investment and trading decisions, is also available to all AKD Trade account holders (having a mini- mum portfolio of PKR 1 million) and can be availed by requesting at info@akdtrade.com. There are no additional charges for availing this facility. AKD Commission Structure and Charges: We have one of the most compatible Commission Structure and Schedule of Charges among all the market participants with no hidden charges in any scenario. Our Commission is inclusive of PSX, SEC and NCCPL transaction charges, which are gener- ally passed on to the client in the industry. AKD Customer Support: An Interactive Voice Recording based Call Centre facility through UAN: +9221-111-253-253 (9:00 am to 5:00 pm PST on working days) for trading as well as customer support and official email channels of info@akdtrade.com for any que- ries or concerns. Funds Transfer Facility: In order to start your trading activity and further deposits onwards, you would be required to transfer funds to the to our designated bank accounts (for normal accounts) while to the designated bank accounts of CDC (for RDA). Usually the amount gets credited to your trading account within two hours. Off-Hour Order Placement Facility: We pro- vide our account holders with a facility to place their trading orders even after the mar- ket is closed so that our clients living across the globe in different time zones can make use of this facility. Withdrawal/Repatriation Facility: Hassle- free withdrawal mechanism to transfer your funds (Capital + Profits) from your custody accounts back to your country of stay. roshan- digital@cdcpak.com Transparent Records and Credibility: Our clients can always access their online accounts, their relevant statements/records and can rec- oncile it anytime. We very strongly believe in conducting the business in a very transparent and conducive manner and have a proven track record of credibility and reliability. Roshan Digital Account (digital processing through banks online portals): If you don’t have a local PKR bank account, want to invest through remittances and do want an option of repatriating your funds back to your country of stay, you may open a Roshan Digital Account with us through any of the following banks: • Bank Alfalah • United Bank • Habib Bank • MCB Bank • Samba Bank • Meezan Bank – For Shariah Compliant Trading • Faysal Bank – For Shariah Compliant Trading • Dubai Islamic Bank (Pakistan) - For Shariah Compliant Trading Some key restraints in Shariah Compliant Trading: All Roshan Digital Accounts being processed through Meezan, Faysal & Dubai Islamic Bank (Pakistan) would only be allowed Shariah Compliant Trading; • Can only trade in a total of 209 companies, currently being considered as Shariah Compliant, out of a total 530 plus compa- nies listed at the PSX. • Cannot day trade or sell any stock even on the very next day of purchasing i.e. before it is delivered into your CDC account on T+2 settlement mechanism. • Strictly cash based and any kind of lever - aged trading is not allowed. • Trading in right shares not allowed. RDA Account Opening Mechanism: All you need to do is to visit the website of any of the participating banks and initiate your bank account opening process by filling in their forms, providing the required details and uploading the required documents. Once your bank account will be opened and you will receive the login credentials from the bank, you may then login into your online bank account and select the Capital/Stock Market Investment option from the banks online por- tal and ultimately select AKD Securities Limited as your preferred broker. Once you will make the selections and give your consent on the relevant terms and condi- tions, all your details and documents, which you had provided to the bank at the time of applying for the bank account opening, will be forwarded to CDC/NCCPL and will ulti- mately reach us. Some salient features of RDA: • The stocks trading option is only available in PKR Roshan Digital Bank Accounts. • The facility to repatriate your funds back to your country of stay is only available in the RDA account. • Zakat is exempted on dividends while Withholding Tax on dividends and Capital Gain Tax on RDA to be taxed at the mini- mum rate of those who submit their annual tax returns. • All book keeping, custody of funds/securi - ties, trading facility and settlement obli- gations of Normal Accounts being main- tained and looked after by the AKDS itself, while only trading facility would be extended to the RDA by AKDS, while all other obligations would be taken care by the CDC/NCCPL. • An RDA can only be funded through remit - tances from abroad from the very same bank account through which it will be opened and repatriation of funds through the same bank account would also be possible. • An RDA cannot be funded through any other source, bank account either local or even Roshan Digital. n AKD Securities Limited (AKDSL) — pioneers of digitalisation journey Continued from Page 1 will long serve in addressing Pakistan’s structural imbalances such as a move to make Pakistan’s rupee market deter- mined to measures in improving the flow from formal channel for reserves. The Pakistani rupee is the fourth best performing currency in the world and best performing currency across emerging markets CYTD. At the same time, Pakistan’s remit- tances are averaging US$2.4bn a month this year up 26% on an average monthly run rate basis. One of the most noteworthy achievements over the last several years has been to recently include Pakistan’s vibrant and robust expat community through the Roshan Digital Account into Pakistan’s finan- cial ecosystem. The RDA since its introduction has attracted over US$1bn with opportunities such as USD based Naya Pakistan Certificates or other asset classes. As awareness improves among the diaspora I expect the RDA to become a significant source for foreign exchange with inflows potentially reaching over USD3bn by the end of the year and over the longer term account for USD10-15bn. The RDA allows unhindered and unrestricted access to capital markets including equity, debt and potentially real estate markets creating depth as a basis for development while improving financial inclusion by including our expat Pakistanis as well as extending the undemanding opportunities Pakistan provides. At the same time as new features and opportunities are added into the RDA fold, I firmly believe this initiative will have a multifaceted positive impact on Pakistan’s economy and the lives of our people at home. The government’s consistency in delivering impactful policies and spur- ring economic development and indus- trialisation are expected to go a long way in creating a structurally sound Pakistan for the future. For instance under the current government’s initia- tive Pakistan has moved up 28 places and is now at 108 in the World Bank’s latest ease-of-doing business index. The increasing provision in industrial and special economic zones under CPEC are slated to provide impetus to manufac- turing as a contributor to GDP Growth. We are now seeing capacity expan- sions and debottlenecking exercises being undertaken across a wide spec- trum of sectors. Pakistan’s external account is now on a sustainable footing posting a surplus of USD959mn versus a deficit of USD4.1bn in the same period last year. At the same time the government’s fiscal consolidation measures and enhanced focus on improving tax collection are becoming increasingly visible where Pakistan is on track to achieve the highest revenue collection in its history. One of the key hallmarks of this government and a key catalyst for economic growth will be social upliftment particularly through its focus on housing. The provision of low cost housing to the financially underserved will have significant spill- over effects on Pakistan’s economy and related industries. Additionally, across institutions at the federal level along with apex and front line regulators the capital mar- kets are seeing a response we have not seen at least in the last 15 years. To fur- ther give you an example we at the AKD Group would like to commend the efforts of the SECP as well as Pakistan Stock Exchange for deciding to keep the exchange open during the peak pandemic cycle at a time when select frontier market peer group exchanges enforced indefinite closures. This will go a long way in building confidence not only of domestic investors but inter- national investors in terms of the mar- ket resilience and maturity. This was a time when there were sev- eral instances across regional markets such as Sri Lanka and Bangladesh being shut down during country wide lock- downs. Keeping the market open set the stage for a sharp V shaped recovery the market has gained close to 60% from its Covid low and ranked among the best performing markets in Asia. Despite the stellar performance, valuations for the PSX remain extremely low, with P/E at just 6.4x compared to regional average of +13x. At the same time, Pakistan equities remain highly lucrative in terms of yield, with dividend yield standing at 7.6x, contrasting signifi- cantly to regional average of just 2%. I am hopeful for a brighter Pakistan and remain confident in the govern- ment’s ability to deliver meaningful and lasting change. Continued focus on adequate and supportive policy will continue to strengthen Pakistan’s investment case and increase optimism for a brighter future ahead. n Message ing individual stocks, holdings, prices and managing the weightage of individ- ual stocks and portfolio rebalancing. Exchange Traded Funds offer specific portfolios to invest in. Each unit of a stock ETF comprises select predefined company stocks and number of shares of each stock based upon the ETF’s objec- tives. At the moment, there are four stock ETFs listed on Pakistan Stock Exchange. Each offers a different portfo- lio focusing on select sectors. These are NIT Pakistan Gateway ETF, UBL Pakistan Enterprise E