CDNS enters in Islamic finance market from current month

ISLAMABAD - The Central Directorate of National Savings (CDNS) has entered in the Islamic finance market in the current month of May 2022, and will now offer Islamic finance to its customers.
In this regard, National Savings will now work on Islamic Sharia bonds and certificates to give opportunities in Islamic finance to their customers, the senior official of CDNS told media here on Friday.
He said the CDNS has decided to start Islamic finance and will start implementing its procedural work from the current month to provide the facility of Islamic finance in the institution.
In this regard, under Islamic Sharia Compliance, Prize Bonds and Savings Certificates will be issued for investment in accordance with Sharia principles, he said.
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 has achieved the target of issuing Rs992 billion fresh bonds in the last 11 months of current fiscal year 2021-22 from July 1st to May 26th.
The CDNS had set an annual gross receipt target of Rs980 billion from July 1 to June 30 of the previous fiscal year 2020-21 to promote savings in the country
The senior official said the CDNS had set Rs250 billion annual collection target from July 1 to June 30 for the year 2020-2021 as compared to Rs352 billion for the previous year (2019-20) for the same time span to enhance savings in the country.
The CDNS had set Rs352 billion annual collection target for the year 2019-20 as compared to Rs350 billion for the previous year (2018-19), he said.
Replying to a question, he said the CDNS has decided to start Islamic finance and will start implementing its procedural work from next month to provide the facility of Islamic finance in the institution.

ePaper - Nawaiwaqt