The Central Directorate of National Savings (CDNS) has achieved its Rs 23 billion target for investment in Islamic finance during the first 10 months of the current fiscal year, from July 1 to April 15, 2024-25.Â
This marks a significant step towards strengthening Pakistan’s Islamic economy, with CDNS now setting a revised target of Rs 40 billion for the remainder of the fiscal year.
The CDNS has been actively working to promote the Islamic finance system in the country. This has been done through the issuance of Islamic bonds, which aim to support the development of the Islamic finance sector.Â
The official from CDNS stated that the issuance of these bonds is key to driving the growth of Islamic finance in Pakistan, which has seen a rising global influence in recent years.
In the previous fiscal year, CDNS surpassed its target for Islamic bonds, raising Rs 75 billion, and intends to build on that success by setting more ambitious targets in the current fiscal year. The senior official highlighted that Islamic finance plays an increasingly important role in global financial markets, with many major economies incorporating it into their financial systems.
To further strengthen the savings culture in Pakistan, CDNS has set an overall annual target of Rs 1,650 billion for the fiscal year 2024-25. The institution has already exceeded its previous target, raising Rs 1.742 trillion in fresh bonds during fiscal year 2023-24, surpassing the target by over 100 percent.
CDNS is also focusing on institutional reforms and digital transformation to enhance its efficiency and improve customer service. By embracing automation and digitization, CDNS aims to provide more accessible and efficient services for its clients, contributing to the country’s overall economic growth.
