The Central Directorate of National Savings (CDNS) has met its target of Rs 22 billion in Islamic finance investments during the first eight months of the current fiscal year, from July 1st to March 24, 2024.Â
The CDNS has now set a new target of Rs 40 billion for Islamic finance investments for the fiscal year 2024-25, aiming to boost the country’s Islamic economy.
A senior CDNS official stated that the agency had issued Islamic bonds to promote the Islamic finance system, which is expected to play a crucial role in the development of the Islamic economy in Pakistan.Â
Last fiscal year, CDNS achieved Rs 75 billion in Islamic bond investments, prompting the agency to introduce new dimensions to the Islamic finance sector.
The official emphasized the growing importance of Islamic finance in the global financial landscape, noting that many major economies have incorporated Islamic finance into their systems. In line with these developments, CDNS is also working on institutional reforms to further strengthen its operations.
In addition to the Islamic finance targets, the CDNS has set a broader annual target of Rs 1,650 billion in savings for FY2024-25. This target aims to foster a stronger savings culture within the country.
Reflecting on past achievements, the official highlighted that in FY2023-24, CDNS exceeded its target by collecting Rs 1.742 trillion through fresh bonds, surpassing the annual goal of Rs 1.7 trillion. This marked an important milestone, as CDNS also exceeded its target in FY2022-23, when it achieved Rs 1.6 trillion in fresh bonds.
Looking ahead, the CDNS is focusing on automation and digitization to enhance its efficiency and provide better services to customers, ensuring the continued growth of savings and investment in the country.
