National Savings Achieve Its Target Of Rs 65 Billion In Islamic Finance

ISLAMABAD, (UrduPoint / Pakistan Point News - 9th Apr, 2024) The Central Directorate of National Savings (CDNS) has secured the bond after achieving the target of Rs 65 billion in Islamic finance annual investment bonds.

The National Savings, achieving its target of 65 billion, has now secured the Islamic investment for this financial year and Islamic investment will be started with a new target in the new financial year,a senior official of the Directorate of National Savings told APP here on Tuesday.

The Central Directorate of National Savings (CDNS) has achieved Rs 65 billion in Islamic finance bonds during the current fiscal year 2023–24 till March 30.

"The National Savings had issued the Islamic bonds for the promotion of the Islamic finance system, which will help the development of the Islamic economy in the country,"

Some Rs 16 billion were collected through the bonds during July 2023, the first of the ongoing fiscal year, he added.

Replying to a question, he said the CDNS had achieved the target of Rs 60 billion during the last fiscal year (2022–23) from the Islamic bonds, and that was why it aimed to introduce new dimensions in the Islamic finance sector.

"Islamic finance now has a significant role in the global financial sector. A large part of the economy of many major countries currently includes Islamic finance," he added.

The official said that work was being done on institutional reforms in the CDNS.

Given the current market trend in the country, an ambitious target had been set to improve the savings culture further, he added.

To another query, the official said that the CDNS had achieved the target of Rs 1210 billion in fresh bonds from July 1, 2023, to April 5, 2024, in the current fiscal year.