ISLAMABAD: The Central Directorate of National Savings (CDNS) has successfully obtained Rs 50 billion in Islamic finance bonds by the end of the second quarter of the current fiscal year 2023–24.
This initiative aims to promote the Islamic finance system and contribute to the development of the Islamic economy in the country, according to a senior official from the Directorate of National Savings.
In July 2023–24 alone, the CDNS collected Rs 16 billion through Islamic investment bonds, making progress towards its target of Rs 75 billion for the financial year. The CDNS remains committed to introducing new dimensions in the Islamic finance sector and achieving its set objectives.
The senior CDNS official highlighted the significant role of Islamic finance in the global financial sector, emphasizing its growing presence in the economies of many major countries. Acknowledging the importance of Islamic finance, the CDNS is working on institutional reforms and introducing innovative measures.
In the current fiscal year (2022–23), the CDNS exceeded its target by achieving Rs 60 billion in Islamic investment, introducing new products to the market. The official emphasized the pivotal role of Islamic finance in the global financial landscape.
Moreover, the CDNS has demonstrated remarkable performance in the savings culture, surpassing its target by achieving Rs 1.6 trillion in fresh bonds for the current fiscal year. This achievement reflects the CDNS’s commitment to fostering a savings culture in the country.
