Uzair bin Farid

Central Directorate of National Savings (CDNS) has achieved the target of issuing fresh bonds worth PKR 405 billion in the first four months of the current fiscal year 2022-23 (July through November). CDNS had set a target of PKR 1.5 trillion to be raised through the issuance of bonds in the fiscal year 2022-23 (FY-23). In the first four months of the FY-23, PKR 405 billion has already been raised.

The main objective of the CDNS is to raise the saving rate of the country through the issuance of bonds. Although there is a culture of savings in the country, it is not enough and needs to be further strengthened. An official from the CDNS told media that in the fiscal year 2021-22 (FY-2021-22), the department of National Savings surpassed its target of national savings with the amount of PKR 1,250 billion.

He said CDNS crossed PKR 1000 billion in savings for the first time in the department’s history after achieving a total savings sum of PKR 1,250 by June 30, 2022. For the fiscal year 2019-20, he said, CDNS set a target of PKR 352 billion, and PKR 350 billion for the fiscal year 2018-19. He continued by saying that CDNA has also set a target of PKR 60 billion for the FY-23 in Islamic Investments in order to introduce new products in the market, which will be achieved through stringent efforts of the department.

The official said that Islamic Finance and products were launched in August this year to cater to the growing market for Islamic Financial Products. He said that National Savings will also introduce Islamic Sharia Bonds and Certificates to create more opportunities for customers in Islamic Finance.

Credit : Independent News Pakistan-WealthPk