ISLAMABAD - The Central Directorate of National Savings (CDNS) has secured Rs58 billion in Islamic finance bonds during the current fiscal year 2023–24 till February 9.
“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,” a senior official of the Directorate of National Savings told media. The official said that the CDNS had set the target of collection Rs75 billion from the Islamic finance bonds in the financial year 2023–24.
Some Rs16 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 Rs60 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. “The Islamic finance now has a very important 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 further improve the savings culture, he added. To another query, the official said that the CDNS had achieved the target of Rs990 billion in fresh bonds from July 1, 2023 to January 19, 2024 in the current fiscal year.