CDNS sets a target of Rs75bn for Islamic Finance in FY24

August 09, 2023 (MLN): In order to introduce new dimensions in the Islamic finance sector, the Central Directorate of National Savings (CDNS) has set a target of Rs75 billion for Islamic Finance in FY24 to promote the Islamic financial sector in the country.

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, a senior official of CDNS told APP.

"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.

At present, progress is going on institutional reforms in CDNS, and new reforms and innovations are being introduced. Meanwhile, Automated Teller Machine (ATM) has also been introduced in CDNS which will provide enough facilities to the users, he informed.

Replying to a question, he said, "The CDNS has digitized National Savings Certificates (NSCs) for the convenience of consumers and to modernize the institutional process."

He said the CDNS and Central Depository Company of Pakistan Limited (CDCP) signed an agreement to start a pilot project to digitize and dematerialize the NSCs last week.

This would increase investment in National Savings and increase consumers' confidence, adding that the agreement between National Savings and CDCP was a part of the automation and digitization of the institution.

CDNS has also digitized National Savings Certificates (NSCs) for the convenience of consumers and to modernize the institutional process.

In response to another question, the CDNS has set a target of Rs1.74 trillion for FY24 to promote the saving culture in the country.

This is Rs443bn additional than the target of Rs1.3tr for the previous financial year 2022-23, he said.

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