ISLAMABAD  -  The Central Directorate of National Savings (CDNS) has achieved Rs65 billion in Islamic finance bonds during the current fiscal year 2023–24 till March 25. “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 here on Tuesday. The official said that the CDNS had set the target of collecting 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. “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.