CDNS Secures Rs 20b In Islamic Finance For First Quarter Of 2023-24

The Central Directorate of National Saving (CDNS) has secured Rs 20 billion in the Islamic Finance in the first quarter of the current Fiscal Year from July 1st to September 30th 2023-24

ISLAMABAD, (UrduPoint / Pakistan Point News - 11th Oct, 2023) The Central Directorate of National Saving (CDNS) has secured Rs 20 billion in the Islamic Finance in the first quarter of the current Fiscal Year from July 1st to September 30th 2023-24.

The Central Directorate of National Saving (CDNS) has set a target of Rs 75 billion in Islamic fiscal year 2023-24 to promote the Islamic financial sector in the country, a senior official of CDNS told APP here on Wednesday.

The aim was to introduce new dimensions in the Islamic finance sector, he said.

The official informed that CDNS had reviewed and set a target of Rs 60 billion in the fiscal year (2022-23) for Islamic investment to introduce the new products in the market.

"Islamic finance has a very important role in the global financial sector at this time, and a large part of the economy of many major countries currently includes Islamic finance," The senior official said, "Work on Islamic finance is still needed in Pakistan."

Replying to a question, he said that at present, work was being done on institutional reforms in CDNS and new reforms and innovations were being introduced."

He said, "At this time Automated Teller Machine (ATM) has also been introduced in CDNS which will provide enough facilities to the users.

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The official said, "CDNS will now provide facilities to its customers as a complete bank."

Replying to another question, he said, "The CDNS has digitized National Savings Certificates (NSCs) for the convenience of consumers and to modernize the institutional process."

He said the CDNS and Central Depository Company of Pakistan Limited (CDCP) signed an agreement to start a pilot project to digitize and dematerialize the NSCs last week.

The official said that this would increase investment in National Savings and increase consumers' confidence, adding that the agreement between National Savings and CDCP was a part of the automation and digitization of the institution.

He said the CDNS has digitized National Savings Certificates (NSCs) for the convenience of consumers and to modernize the institutional process.

Replying to another question, he said the Central Directorate of National Savings (CDNS) has achieved a target of Rs 400 billion in fresh bonds in the current fiscal year, from July 1 to 30th September.

The CDNS surpassed the annual target and achieved the target of Rs 1.6 trillion in fresh bonds in the last fiscal year 202-23, he said.