The Central Directorate of National Savings (CDNS) has reviewed and set a target of Rs60 billion in the Fiscal Year (2022-23) for Islamic investment to introduce new products in the market, reports WealthPK. Talking to the media, a senior official of CDNS said they entered the Islamic finance market in August 2022 and would work on Islamic Sharia bonds and certificates to give financing opportunities to the customers.

The official said they had attained the target of issuing Rs160 billion fresh bonds in the current fiscal year 2022-23 from July 1st to August 25 and set a savings target of Rs1.5 trillion for the FY2022-23, which will promote savings culture in the country. Replying to a question, he said the CDNS surpassed its annual target in the previous fiscal year 2021-22 and set a historic record of Rs1,250 billion savings till June 30, 2022. For the first time in its history, the CDNS received Rs1,000 billion fresh deposits and attained the target of issuing Rs1,250 billion fresh bonds from July 1, 2021 to June 30, 2022.

The CDNS set the annual gross receipt target of Rs980 billion from July 1 to June 30 for the previous fiscal year 2020-21. The senior official said the CDNS had set Rs250 billion annual collection target for the year 2020-2021 compared to Rs352 billion for the previous year (2019-20).

The CDNS’ annual collection target for the year (2018-19) was Rs350 billion, he added.

Credit: Independent News Pakistan-WealthPak