CDNS raises Rs60bn through Islamic finance bonds in ongoing fiscal year

March 19, 2024 (MLN): The Central Directorate of National Savings (CDNS) has secured Rs60 billion in Islamic finance bonds during the current fiscal year 2023–24 till March 16.

"The National Savings had issued the Islamic bonds for the promotion of the Islamic finance system, which will help the development of the Islamic economy in the country," a senior official of the Directorate of National Savings told APP here on Tuesday.

The official said that the CDNS had set the target of collecting Rs75bn from the Islamic finance bonds in the financial year 2023–24.

An amount of Rs16bn was collected through the bonds during July 2023, the first month of the ongoing fiscal year.

Replying to a question, he said the CDNS had achieved the target of Rs60bn during the last fiscal year (2022–23) from the Islamic bonds, and that was why it aimed to introduce new dimensions in the Islamic finance sector.

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

The official said that work was being done on institutional reforms in the CDNS.

Given the current market trend in the country, an ambitious target had been set to further improve the savings culture, he added.

To another query, the official said that the CDNS had achieved the target of Rs1,050bn in fresh bonds from July 01, 2023, to March 15, 2024, in the current fiscal year.

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