ISLAMABAD:The Central Directorate of National Savings (CDNS) has set an annual target of Rs 55 billion investment in Islamic finance in Fiscal Year 2025-26.
The CDNS has attained the annual collection target investment in Islamic finance during the FY 2024-25 from July 1st to June 30th, 2024-25.
The CDNS has revived the annual collection target and set Rs 40 billion in investment in Islamic finance for the Current Fiscal Year 2024-25, which will lead to growth in the country’s Islamic economy.
“The National Savings had issued the Islamic bonds to promote the Islamic finance system, which will help the development of the Islamic economy in the country.”
The Senior official said that “We had achieved the target of Rs 75 billion during the last fiscal year (2023-24) 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.
Replying to a question, he said that the CDNS has set a savings inflows target of Rs 1.3 trillion for the current Fiscal Year, 2025-26.
Similarly, the CDNS has set a target of Rs 50 billion in investments in Islamic Investment for the Current Fiscal Year 2025-26, which will lead to the growth of the Islamic economy in the country.
Already the CDNS has accomplished a net target of Rs 255 at the end of the fiscal year, from July 1 to June 30, 2024-25, he said.
The CDNS has achieved the net annual target of Rs 106 billion for the current Fiscal Year, 2024-25, which will promote the country’s saving culture, he said.
He said that National Savings has set an annual target of Rs1.7 trillion for the year 2023-24; it is encouraging that this year, “We surpassed 100 per cent of the annual target.”
