CDNS secures Rs 55 bln in Islamic finance bonds

Author: APP

The Central Directorate of National Savings (CDNS) has secured Rs 55 billion in Islamic finance bonds by January 22, of the current fiscal year 2023–24.

“The National Savings has issued 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 APP here on Monday.

Replying to another query, he said the CDNS had collected an investment of Rs 16 billion in July 2023–24 through Islamic investment bonds. He added that the directorate had set a target of Rs 75 billion for the new financial year 2023–24 for Islamic finance bonds.

Replying to another question, he said the CDNS aimed to introduce new dimensions in the Islamic finance sector.

He informed that CDNS had achieved the set target of Rs 60 billion in the fiscal year (2022–23) for Islamic investment to introduce the new products to the market.

“Islamic finance has a very important role in the global financial sector at this time, and a large part of the economy of many major countries currently includes Islamic finance,” he added. The senior official of CDNS said that work was being done on institutional reforms in CDNS and that new reforms and innovations were being introduced.

“Islamic finance has a very important role in the global financial sector at this time, and a large part of the economy of many major countries currently includes Islamic finance,” he added.

Given the current market trend in the country, an ambitious target has been set to further improve the savings culture, he said.

Replying to a question, he said CDNS had achieved a target of Rs 990 billion in fresh bonds in the current fiscal year, from July 1 to January 19 of 2023-24. The CDNS surpassed the annual target and achieved the target of Rs 1.6 trillion in fresh bonds in the current fiscal year.

He said this was an additional Rs 200 billion annual target compared to the target of Rs 1300 billion for the previous financial year 2021–22.

“The CDNS has set a reviewed saving target of Rs 1.4 trillion for the current financial year (2021–22), which will promote savings culture in the country,” he said.

Share
Leave a Comment

Recent Posts

  • Business

Investor Confidence: Veon Group injects USD 15 million in Mobilink Bank to fuel growth and tech advancement

Islamabad – January 02, 2025: Global digital operator VEON Group reaffirms its confidence in the…

7 hours ago
  • Pakistan

Pakistan Joins UNSC as Non-Permanent Member for 8th Term, Flag Installed at Headquarters

Pakistan marked the beginning of its eighth term (2025-2026) as a non-permanent member of the…

7 hours ago
  • Top Stories

PML-N sacrifices political interests to rescue Pakistan’s economy: Rana Sanaullah

Special assistant to PM on political affairs Rana Sanaullah Khan Friday stated that the Pakistan…

7 hours ago
  • Pakistan

19 convicts involved in May 9 riots granted pardon: ISPR

On Thursday, the Inter-Services Public Relations (ISPR) announced that 19 convicts have been granted pardons…

1 day ago
  • Sports

South Africa seeking ruthless edge against Pakistan in second Test

South Africa have already sealed their place in this year’s World Test Championship (WTC) final…

1 day ago
  • Sports

Djokovic has a plan to take on the tennis newcomers

After winning just one tournament in 2024 - a Paris Olympics gold medal - former…

1 day ago