Investment Limit

The minimum amount of initial investment for which COI will be issued shall be subject to the discretion of Saudi Pak Leasing Company Ltd.. but would normally be Rs. 100,000/- with no limit as to the maximum amount of investment.

Maturity Period

The maturity of the COI will be either three months, six months, one year, two years, three, four or five years.

Application Forms

Application for Registration for purchase of COI may be made in the prescribed Form by individuals, singly or jointly and by corporate bodies, firms, registered Societies and trusts. In the case of joint applicants, the application must be signed and details provided by all joint applicants, however delivery of the COI or any notice or communication by the Company to any one of the joint holders shall be sufficient delivery to all joint holders. In the case of corporate bodies, firms, registered societies and trusts, the application must be signed by authorized signatories and accompanied by supporting resolution/mandate and memorandum and articles of association, Partnership deed trust deeds, constitution as may be applicable. Saudi Pak Leasing Company Ltd.. Shall have the absolute discretion to refuse any Application for Registration without assigning any reason. Each request for issuance of COI must be accompanied by a "Request for purchase of COI" on Saudi Pak Leasing Company Ltd..'s prescribed Form.

Payment by Investors

Each request for purchase of COI must be accompanied by cheque or demand draft or pay order in favor of "Saudi Pak Leasing Company Ltd.." duly crossed for the full value of the COI requested to be purchased.

Delivery of certificates

Only after receipt of funds. The COI will be issued and delivered, in the case of cheque, pay order Or demand draft, after realization of proceeds


The COI will be encashed on maturity in accordance with the investors written Instructions and against surrender of the original COIs duly discharged under the Signatures of the authorized signatories of the registered holder(s) of the COI. Saudi Pak Leasing Company Ltd.. may at its discretion encash the COI prior to the stipulated maturity Period, subject to such conditions as to notice and/or penalty as may be prescribed by Saudi Pak Leasing Company Ltd.. in this respect and subject to provisions of applicable laws and Regulations. Payment of the encashment value of the COI shall be made by a cross cheque in favor of the registered holder(s) and delivered to the bearer of the COI. However, upon express desire and specific instructions in writing the amount of Encashment value may be remitted at desired address of the holder or paid in his Account maintained with any of the commercial banks.

Duplicate Certificates

Duplicate certificates in lieu of host, stolen, the company at its discretion may issue misplaced or mutilated COI. In the event of loss or theft, such duplicate may be issued against submission of satisfactory proof to the effect; and In the case of mutilation, against surrender of the original COI. Further the Company may require an appropriate indemnity to be provided in its favor.


The COI shall be transferable at the discretion of Saudi Pak Leasing Company Ltd. upon a written request for transfer on the prescribed form, duly signed by the registered holder of COI and the intended transferee. In case the transferee is not already a registered Holder of Saudi Pak Leasing Company Ltd. COI, the request for transfer shall be accompanied by an Application for registration for purchase of COI duly filled and signed by the Transferee. Any stamp duty or other statutory costs applicable to the transfer will be born by the registered holder(s) of the COI. The COI shall not be transferable by delivery and the company shall not be Obliged to recognize any right, title or interest of any person(s)/party other than The registered holder(s) of the COI.


In the case of COI being held in the name of individual person, in the event of Death of such holder, Saudi Pak Leasing Company Ltd. shall not be obliged to deal with any person or persons or accept any right, title or interest of any person(s) unless such person(s) Is/are holding a succession certificates, letter of administration or portable from a Competent court of law. Saudi Pak Leasing Company Ltd. may, however, at its absolute discretion transfer the COI or pay the proceeds of the COI to any heir of the deceased holder subject to production of such evidence and against such indemnity and/or guarantees as Saudi Pak Leasing Company Ltd. may Consider appropriate. In the event of the COI being held in joint names of two or more persons, the Survivor or survivors shall be the only persons recognized by the Company as Having title or interests in the COIs.

Acceptable As Collateral

Subject to applicable regulations, Saudi Pak Leasing Company Ltd. may at its discretion accept the COI as Collateral security for financial facilities extended by the company to the Registered holder or to any other third party.


Return on the COI shall be paid on a profit sharing basis out of the profits of the Company at the rates of return declared by Saudi Pak Leasing Company Ltd. from time to time in relation to the maturity period of the COI which shall be conclusive. Except in the case of listed companies, recognized charitable trusts and statutory bodies, the COI holders shall be paid a uniform rate of return commensurate with the maturity period but irrespective of the amount invested in the COI. The rates of returns indicated by the company from time to time shall be based on expected profits of the company and the actual rates of return may vary from such indicated rates. In case of listed companies, recognized charitable trusts and statutory bodies, the Expected profit rates intimated to the client at the time of issue of COI should be Based on the following factors:

  • The amount and period for which the COI are to be issued.
  • The matching investments channels available to the company and the current And expected yield on such investments.
  • The general economic, social and political climate of the country.

The amount of return on a COI shall be calculated on a daily basis on a 365 days year basis and paid for the actual number of those days that the COI has remained outstanding within the maturity period, subject to deductions for encashment earlier than maturity. If the COI is not encashed on maturity, Saudi Pak Leasing Company Ltd. shall not be liable to pay any return for the period beyond the maturity date. However, it is absolute discretion, the company may consider compensating the COI holder by payment of return for such period and at such rate as the company considers appropriate. Return on COI issued for three and six months shall be paid on maturity. Return on COI with maturities of one year and more shall be paid at intervals of six months from the date of issue. However, the management at its sole discretion may agree to pay the return at intervals other than aforesaid. Return will be paid upon presentation of COI at the company's counter. However, upon express desire and specific instructions the amount of return may be remitted at desired address of the holder or paid in his account maintained with any of the commercial banks.

Zakat Deductible At Source

Zakat shall be charged and collected on a compulsory basis in accordance with the Zakat and Ushr ordinance, 1980, and the rules made thereunder. The rate of Zakat deductible will be 2.5% of the face value of COI as at the commencement of the day on the valuation date, in each Zakat year. The deduction shall be made on the date on which the first return is paid or on the date of encashment, whichever is earlier in the Zakat year.

Zakat is charged/collected on the basis of Hijra calendar year. Hence, instances may arise when two Zakat Valuation Dates may fill in one Gregorian year and in that event Zakat shall be collected twice in the same Gregorian Year. Declarations for non-deduction of Zakat shall be filed separately under the provision of Zakat and Ushr ordinance, 1980, where Zakat is not to be levied and deducted at source. Such declaration must be submitted to the Saudi Pak Leasing Company Ltd. at least one month prior to the valuation date(i.e. 1st of Ramzan), filing of which Zakat shall be liable to deduction in the prescribed manner.

As per current provisions of law, following categories of COI shall not liable to pay Zakat.

  1. A person who declares that he is not a Muslim.
  2. A person who proves that he not a citizen of Pakistan.
  3. A company or other association of persons, or body of individuals, whether inorporated or not, majority of the shares of which is owned, or the beneficial ownership of which is held by persons who are not Muslims citizens of Pakistan.
  4. A statutory corporation, a company or other enterprises, owned wholly, directly or indirectly by the Federal Government, a Provincial Government, a local authority or a corporation owned by the Federal Government or a Provincial Government, either singly or jointly with one or more of the other three.
  5. A subsidiary of a statutory corporation, a company or other enterprise refer to in(4) and wholly owned by it.
  6. A local authority.
  7. NIT
  8. ICP mutual fund.
  9. A recognized Provident Fund.
  10. Any Unit Fund maintained by the Defence Services, including the Civil Armed Forces.
  11. An institution, fund, trust, endowment or society:
    • Registered as a charitable organization under the Societies Registration Act, 1860(XXI of 1860) or as a company U/S 42 of the companies Ordinance, 1984, or registered or approved as a charitable or social Welfare organization under any other law for the time being in force And
    • Approved by the CBR for the purpose of section 47of the income tax Ordinance, 1979(XXXI of 1979).
  12. A deeni madrasha registered as such by the Auqaf Department.
  13. A mosque
  14. An orphanage registered as such under the law relating to orphanages.
  15. A workers participation fund established under the companies profits (workers participation) act, 1968(XII of 1968).
  16. A person who provides evidence that he has proved in the prescribed manner to the satisfaction of the local committee of the locality of the where he ordinarily resides that he was not a sahib-e-nisab on the valuation date or was not in ownership or possession of assets of the value of nisab for the whole of the preceding Zakat year.
  17. The estate of a person who died on or before the deduction date.
  18. Any person who files a declaration for non-deduction of Zakat under the provisions of Zakat and Ushr ordinance, 1980.

Withholding Tax

Tax shall be deducted at source from payments of profits as required by the Income tax ordinance, 2001. At present tax is chargeable at the rate of 10% of the amount of profit being paid.