CDNS to begin Islamic financing system
Net investments of the Islamic banking industry registered an increase of Rs84b during the period under review and stood at Rs1.35tr by the end of Mar 2021. PHOTO: FILE
The Central Directorate of National Savings (CDNS) has announced that it will begin the implementation of Islamic financing system next month in a bid to facilitate the Islamic financial institutions of the country.
In this regard, prize bonds and saving certificates would be issued for investment in accordance with the Shariah principles, a senior official of CDNS told APP on Monday.
“CDNS will provide Shariah-compliant investment opportunities to institutions similar to the private and public sector banking industry, where the share of Islamic business has now reached 20%,” he said.
Replying to a question, he said that CDNS collected Rs850 billion in fresh deposits in the first seven months of current fiscal year 2021-22.
For the year, the directorate has set the annual gross receipt target at Rs980 billion to promote savings in the country.
He recalled that CDNS had fixed the annual deposit collection target at Rs250 billion for 2020-21 against Rs352 billion in the previous year (2019-20).
He emphasised that the directorate was working to increase new investment opportunities and promote digital investment through the introduction of several new projects.
Published in The Express Tribune, April 5th, 2022.
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