National Savings would be soon launch Sharia Complaint products post formal approvals from the Finance Division and the Federal Cabinet, to cater the needs of local population who mostly shied away from the conventional investment system.
Zafar Masud, director general of Central Directorate of National Savings told Mettis Link from Islamabad that spade work to launch the Shariah Complaint products have been completed and the Ministry of Finance has already green signal, whereby made an appointment of Dar Al Sharia Islamic Finance Consultancy to work as Sharia Advisor.
Zafar Masud said that National Savings would establish an Islamic window to be named as Rafa National Savings which would able to offer Sharia compliant saving products and services.
Rafa National Savings will have a dedicated Sharia Board, comprising of local and international scholars.
“With the successful launch of the Rafa National Savings, CDNS will be able to promote Sharia complaint savings and provide an avenue of financial inclusion to investors that only invest in accordance with the principles of Sharia” Director General explained.
Currently CDNS has a massive portfolio of over 3.5 trillion rupees with more than seven million customers.