CDNS exceeds annual revenue target in Q1 alone

October 18, 2023 (MLN): The Central Directorate of National Savings (CDNS) has exceeded its annual revenue target for the fiscal year 2023-24 within the first quarter, as APP reported.

The CDNS has accomplished a target of Rs430 billion in fresh bonds in the current fiscal year, from July 01 to October 15, the senior official of CDNS told APP.

He said the CDNS surpassed the annual target and achieved the target of Rs1.6 trillion in fresh bonds in the current fiscal year, which is Rs200bn additional than the annual target of Rs1.3tr for the previous financial year 2021-22.

"The CDNS has set a reviewed saving target of Rs1.4tr for the current financial year which will promote savings culture in the country," he stated.

In view of the current market trend in the country, the ambitious target had been set to further improve the savings culture, he remarked.

He said that work was being done on institutional reforms in CDNS and new reforms and innovations were being introduced.

"At this time Automated Teller Machine (ATM) has also been introduced in CDNS which will provide enough facilities to the users," he added.

Replying to a question, he said the CDNS had collected an investment of Rs16bn in the month of July 2023-24 through Islamic investment bonds.

He added that the directorate has set a target of Rs75bn for the new financial year 2023-24 for Islamic finance bonds.

The senior official stated that the CDNS's aim was to introduce new dimensions in the Islamic finance sector.

He informed that CDNS had reviewed and set a target of Rs60bn in the fiscal year (2022-23) for Islamic investment to introduce the new products in the market.

 "Islamic finance has a very important role in the global financial sector at this time, and a large part of the economy of many major countries currently includes Islamic finance," he added.

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