The Central Directorate of National Savings (CDNS) has successfully secured Rs50 billion in Islamic finance bonds at the close of the second quarter of the fiscal year 2023–24, according to a report by APP.

A senior official from the Directorate of National Savings highlighted that the issuance of Islamic bonds aims to promote the Islamic finance system, fostering the development of the Islamic economy within the country.

Responding to queries, the official stated that in July of the current fiscal year (FY24), CDNS garnered an investment of Rs16 billion through Islamic investment bonds. The directorate has set an ambitious target of Rs75 billion for Islamic finance bonds in the fiscal year 2023–24.

Highlighting the commitment to introducing new dimensions in the Islamic finance sector, the official mentioned that CDNS had successfully achieved its target of Rs60 billion in the fiscal year 2022–23 for Islamic investments, introducing new products to the market.

MARKET TRENDS

The senior CDNS official underlined the crucial role of Islamic finance in the global financial sector, noting its significant presence in the economies of many major countries.

Taking view of the country’s current market trends, CDNS has set a high bar for enhancing the savings culture. According to the official, CDNS issued new bonds worth Rs1.6 trillion during the current fiscal year, which runs from July 1 to December 31. According to the official, this exceeded the yearly goal.

This surpasses the revised savings target of Rs1.4 trillion for the fiscal year 2021–2022, demonstrating the commitment of the CDNS to fostering a savings culture across the country.

Furthermore, the achievement exceeds by an additional Rs200 billion the target of Rs1.3 trillion established for the preceding fiscal year. The CDNS remains crucial for fostering economic stability and a savings culture in Pakistan.

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