National Savings launches first-ever Shariah Compliant products

MG News | June 26, 2023 at 01:07 PM GMT+05:00

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June 26, 2023 (MLN): National Savings is set to launch four Shariah Compliant products for the first time, on July 1, 2023, Finance Minister Senator Mohammad Ishaq Dar said in a speech at the launch event of Shariah Compliant Products.

This marks the first instance where National Savings is introducing Shariah Compliant products, reflecting their commitment to transitioning the entire banking system to a usury-free, Shariah-based Islamic model.

Ishaq Dar expressed commitment to promoting the Islamic financial system and gradually eliminating the interest-based financial system in Pakistan.

Ishaq Dar said that during the tenure of 2013-2017, Islamic Banking experienced significant growth, capturing a 21% market share.

Highlighting the previous success, Ishaq Dar expressed the desire to continue it by announcing the launch of four new Islamic products by National Savings.

These products include 1-year, 3-year, and 5-year savings accounts, as well as a monthly savings account.

Moreover, customers will have the flexibility to withdraw the principal amount at any time.

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