KARACHI: The Central Directorate of National Savings (CDNS) has secured Rs 50 billion in Islamic finance bonds at the end of the second quarter of the current fiscal year 2023–24. “The National Savings has issued Islamic bonds for the promotion of the Islamic finance system, which will help the development of the Islamic economy in the country,” a senior official of the Directorate of National Savings told APP here on Thursday.
Replying to another query, he said the CDNS had collected an investment of Rs 16 billion in July 2023–24 through Islamic investment bonds. He added that the directorate had set a target of Rs 75 billion for the new financial year 2023–24 for Islamic finance bonds.
Replying to another question, he said the CDNS aimed to introduce new dimensions in the Islamic finance sector. He informed that CDNS had achieved the set target of Rs 60 billion in the fiscal year (2022–23) for Islamic investment to introduce the new products to 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,” he added.
The senior official of CDNS said that work was being done on institutional reforms in CDNS and that new reforms and innovations were being introduced. “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,” he added.
Given the current market trend in the country, an ambitious target has been set to further improve the savings culture, he said. Replying to a question, he said CDNS had achieved a target of Rs 950 billion in fresh bonds in the current fiscal year, from July 1 to December 31.
The CDNS surpassed the annual target and achieved the target of Rs 1.6 trillion in fresh bonds in the current fiscal year. He said this was an additional Rs 200 billion annual target compared to the target of Rs 1300 billion for the previous financial year 2021–22. “The CDNS has set a reviewed saving target of Rs 1.4 trillion for the current financial year (2021–22), which will promote savings culture in the country,” he said.
