CDNS collects Rs15 billion through Islamic investments in July 2023

F.P. Report

ISLAMABAD: The Central Directorate of National Savings (CDNS) has collected an investment of Rs15 billion in the month of July 2023-24 through Islamic investment bonds.

The directorate has set a target of Rs 75 billion for the new financial year 2023-24 for Islamic finance bonds, a senior official of CDNS told APP here on Tuesday. Replying to a question, he said the CDNS’s aim was to introduce new dimensions in the Islamic finance sector.

He 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,” he said.

Replying to another question, he said the CDNS has set a target of Rs 1743 billion for the current Fiscal Year 2023-24, to promote the saving culture in the country.

This is Rs 443 billion additional annual targets than the target of Rs1300 billion for the previous financial year 2022-23 he said. He informed, “The Central Directorate of National Savings (CDNS) attained the target of issuing Rs 1.48 trillion in fresh bonds in the current fiscal year (2022-23).”

“The CDNS has set a reviewed saving target of Rs 1.3 trillion for the current financial year (2022-23) which will promote the savings culture in the country.”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.”

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.”

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, he added. (APP)