Islamabad: The Central Directorate of National Savings (CDNS) successfully raises Rs 35 billion in Islamic finance bonds during the second quarter of the Current Fiscal Year 2023-24. As part of its commitment to promoting the Islamic finance system, the National Savings issues Islamic bonds, contributing to the development of the Islamic economy in the country, according to a senior official at the Directorate of National Savings In response to another query, the official mentioned that CDNS garnered an investment of Rs 16 billion in July 2023-24 through Islamic investment bonds.
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He further disclosed that the directorate had established an ambitious target of Rs 75 billion for Islamic finance bonds in the new financial year 2023-24. Responding to inquiries, he emphasized that CDNS aspired to bring innovative dimensions to the Islamic finance sector. Notably, CDNS successfully reached its target of Rs 60 billion in the fiscal year 2022-23 for Islamic investments, introducing new financial products to the market.
Underlining the pivotal role of Islamic finance in the global financial sector, he noted its increasing prominence in the economies of many major countries. The senior CDNS official highlighted ongoing efforts in institutional reforms, introducing new measures and innovations. Emphasizing the crucial role of Islamic finance in the current global financial landscape, he reiterated its significant contribution to the economies of major nations.
Considering the prevailing market dynamics in the country, the ambitious target was set to further enhance the savings culture, he stated. In response to a query, he revealed that CDNS not only achieved the target of Rs 500 billion in fresh bonds from July 10 to November in the current fiscal year but also surpassed the annual goal, reaching an impressive Rs 1.6 trillion in fresh bonds.
He clarified that this annual target exceeded the previous financial year’s goal of Rs 1,300 billion by an additional Rs 200 billion. To promote a savings culture in the country, he mentioned that CDNS had set a revised savings target of Rs 1.4 trillion for the current financial year (2021-22).