Pakistanis in UAE largest senders of remittances through RDAs

Dubai - House finance and insurance products may soon be added in RDAs, a senior official said.

Pakistanis in the UAE are the largest remitters through RDAs, making up around one-third — $433 million — of $1.3 billion remittances.

The UAE also ranks second in terms of account openings, as 20 per cent of Roshan Digital Accounts have been opened by those Pakistanis who’re living and working in the UAE.

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RDAs were initially launched in cooperation with eight banks which have now increased to 12.

Dr Murtaza Syed, Deputy Governor of Sate Bank of Pakistan, said Pakistanis in the UAE have embraced them really well.

“We have got a good response but we are still scratching the surface. My request to Pakistanis in the UAE is to please try Roshan Digital Account and tell friends about it so this word can be spread,” he said.

Syed said Naya Pakistan Saving Certificate has attracted in excess of $800 million.

More products being added

Pakistan is also considering adding new products, including house finance in Roshan Digital Accounts (RDAs) for overseas citizens, he added.

“We are looking to broaden the range of products that are available through RDAs. For example, we are thinking about adding house finance, insurance and annuity products that meet the needs of overseas Pakistanis,” said Syed.