CDNS Achieves Rs 58 billion in Islamic Investment Bonds

CDNS Achieves Rs 58 billion in Islamic Investment Bonds

Islamabad: The Central Directorate of National Savings (CDNS) has achieved a considerable Rs. 58 billion in the Islamic Finance Bonds in the fiscal year 2023-24 till February 9. This news was shared by a senior official of the Directorate of National Savings to the sources in a statement “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”.
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He further added that CDNS had set the achievable target to collect almost Rs. 75 billion from the Islamic Finance Bonds in the Financial Year 2023-24. Out of this target, Rs. 16 billion was collected on July 23, the first half of the current fiscal year. Rs. 60 billion was collected during the previous fiscal year 2022-23 from the Islamic Bonds resulting in the launch of a new direction in the Islamic Finance Sector.
He further added, “Islamic finance now has a very important role in the global financial sector. A large part of the economy of many major countries currently includes Islamic finance”. He also revealed that reforms are also under consideration in the CDNS.

An even better target was set to enhance the savings culture. He replied to a question from the sources that CDNS has ambitiously achieved the net target of Rs. 990 billion in fresh bonds from 1st July 2023 to 19th January 2024. Such efforts are expected to improve the overall performance of the institution in the coming years.

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