CDNS issues Rs955b worth of fresh bonds

Plans to begin work on Islamic financing facility next month

ISLAMABAD:

The Central Directorate of National Savings (CDNS) on Saturday got closer to its annual target by issuing Rs955 billion fresh bonds in the last 10 months of current fiscal year 2021-22 from July 1 to May 5.

CDNS has set the annual gross receipt target at Rs980 billion for the full fiscal year to promote savings in the country, said a senior CDNS official. It had set Rs250 billion annual collection target for 2020- 21 as compared to Rs352 billion for the previous year (2019-20), the official added. In response to a question, he said that CDNS had decided to start Islamic financing and would begin procedural work next month to provide the Shariah-compliant facility. “In this regard, prize bonds and savings certificates will be issued for investment in accordance with the Shariah principles.”

Moreover, the CDNS will provide Islamic investment opportunities to its customers like the private and public-sector banks, where the Islamic banking share has reached 20%. Responding to a question, the official said that CDNS had initiated steps to increase investment opportunities and promote digital investments through new projects. “CDNS in collaboration with the State Bank of Pakistan (SBP) is developing digital prize bonds, which will be available through electronic channels,” he said.

“CDNS is also in the process of launching its first mobile app for online purchase and encashment of National Savings Certificates.” The official said that for better and efficient transfer of funds electronically, the CDNS was going to adopt RAAST payment system for speedy flow of funds through its financial tributaries.