The Central Directorate of National Savings (CDNS) has revived the annual collection target and set Rs 40 billion in investment in Islamic finance for the Current Fiscal Year 2024-25, which will lead to growth in the country’s Islamic economy.
“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,” the senior official of CDNS told APP here on Monday.
Replying to a question, he said the CDNS had achieved the target of Rs 75 billion during the last fiscal year (2023-24) from the Islamic bonds, and that was why it aimed to introduce new dimensions in the Islamic finance sector.
“Islamic finance now has a significant 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.
Given the current market trend in the country, an ambitious target had been set to improve the savings culture further, he added.
Replying to another question, he said that the CDNS has set an annual target of Rs 1650 billion for the current Fiscal Year, 2024-25, which will promote the saving culture in the country.
He said that the CDNS has realized a target of Rs1.742 trillion in fresh bonds and exceeded 100 percent of the annual target in the last fiscal year 2023-24, from July 1 to June 30th.
The National Savings has set an annual target of Rs 1.7 trillion for the year 2023-24; it is encouraging that this year, “We surpassed the 100 percent of the annual target.”
The CDNS surpassed the annual target and achieved the target of Rs 1.6 trillion in fresh bonds in the previous fiscal year 2022-23, he said.
He said this was an Rs 200 billion additional annual target than 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 financial year (2021-22) which will promote savings culture in the country, he said, adding that given the current market trend in the country the ambitious target had been set to improve the savings culture further.
He said that CDNS is committed for introducing automation and digitization in the institution to enhance the efficiency and provide faculties to the customers.