CDNS sets target of Rs 50 billion for Islamic Investment in FY,2022-23.

ISLAMABAD -- The National Directorate of National Savings (CDNS) has set a target of Rs 50 billion in Fiscal Year (2022-23) for Islamic investment to introduce the new products in the market.

In this year 2022-23, CDNS would achieve the investment target of Rs 50 billion, a senior official of told reporter here on Friday.

He said that the CDNS had entered the Islamic finance market in the coming month August 2022, and would now offer Islamic finance to its customers.

In that regard, National Savings would work on Islamic Sharia bonds and certificates to give opportunities in Islamic finance to their customers, he said.

The official said the CDNS had decided to start Islamic finance and would start implementing its procedural work from the current month to provide the facility of Islamic finance in the institution.

Under Islamic Sharia Compliance, Prize Bonds and Savings Certificates would be issued for investment in accordance with Sharia principles, he added.

The CDNS will provide Islamic investment opportunities to its consumers in an institution like the rest of the private and public sector banking, where Islamic sharia business has now reached 20 percent.

Replying to a question, he said the CDNS had set a saving target of Rs 1.5 trillion for the current financial year which would promote savings culture in the country.

At this time, the current market trend in the country and the ambitious target was set to further improve the savings culture, he added.

Replying to another question, he said the CDNS surpassed its annual target in Fiscal Year 2021-22 and set a historic record of Rs 1,250 billion savings till June 30, 2022.

For the first time in its history, National Savings crossed Rs 1,000 billion fresh deposits and achieved the target of Rs 1,250 billion by June 30, 2022.

The CDNS has attained the target of issuing Rs1,250 billion fresh bonds in the last months of current fiscal year 2021-22, from July 1, 2021 to June 30, 2022.

It had set...

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