ISLAMABAD   -   The National Directorate of National Savings (CDNS) has set a target of Rs 55 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 55 billion, a senior official of told APP here on Saturday.

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 an annual gross receipt target of Rs 980 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 Rs 250 billion annual collection target from July 1 to June 30 for the year 2020-2021 as compared to Rs 352 billion for the previous year (2019-20) during the same period to enhance savings in the country.

The CDNS had set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year (2018-19), he said.

The senior official said that (CDNS) started working to increase new investment opportunities and promote digital investment through many new projects.

The CDNS in collaboration with State Bank of Pakistan was developing digital Prize Bonds, which would be available through online electronic channels, he said.

He said the CDNS was in process of launching its first Mobile App for online purchase and encashment of National Savings Schemes.

The official said that for better and efficient transfer of funds electronically, the CDNS was going to adopt RAAST in the current month for speedy flow of funds through its financial tributaries, he added.

Initially, the CDNS has opened three separate accounts in State Bank of Pakistan (SBP) to avoid/stop direct access to the Non-Food Account-1 for its Alternative Delivery Channel (ADC) operations, 1Link Payment, UPI Payment and RAAST payment.