ISLAMABAD: The Central Directorate of National Savings (CDNS) has secured bonds after reaching a target of $65 billion in annual Islamic finance investment bonds.
National Savings has secured 65 billion target for Islamic investment for this financial year and in the new financial year, Islamic investment will start with a new target, a senior official of the National Savings Department told on Tuesday.
The Central Department of National Savings (CDNS) has generated revenue of $65 billion in the current financial year to March 30, 2023-24.
“The National Savings has issued Islamic bonds to develop the Islamic financial system that will help the Islamic economy grow in the country.”
Also, about $16 billion was sent through bonds in July 2023, the first phase of the current fiscal year.
Answering a question, he said that CDNS has reached the target of $60 billion of Islamic bonds in the last financial year (2022-23) and thus aims to introduce new trends in the Islamic finance sector.
“Islamic finance plays an important role in the global financial sector today. Today, the main part of the economy of many countries includes Islamic finance.”
Officials say institutional reforms are underway at CDNS.
He said that considering the current market trend of the country, the big goal has been set to further improve the culture of savings.
To another question, the official said that CDNS has met its new bond target of $1.210 billion for the period from July 1, 2023 to April 5, 2024.
