CDNS hits Rs960bn in fresh bonds

January 09, 2024 (MLN): The Central Directorate of National Savings (CDNS) has achieved a target of Rs960 billion in fresh bonds in the current fiscal year, from July 01 to January 09 FY24, as APP reported.

The CDNS surpassed the annual target and achieved the target of Rs1.6 trillion in fresh bonds in the current fiscal year, the senior official of CDNS told APP on Tuesday.

The senior official said this was a Rs200bn additional annual target than the 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 (2021-22) which will promote savings culture in the country," he said.

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

The official 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 Rs52bn by January 09, 2023-24, through Islamic investment bonds.

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

Replying to a question; he said the CDNS aimed to introduce new dimensions in the Islamic finance sector.

He informed the directorate that it had reviewed and set a target of Rs60bn in the fiscal year (2022-23) for Islamic investment to introduce 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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