The Central Directorate of National Savings (CDNS) moved closer to its annual target on Saturday by issuing Rs955 billion in new bonds in the last ten months of the current fiscal year 2021-22, from July 1 to May 5.
According to a top CDNS official, the annual gross receipt target for the full fiscal year has been set at Rs980 billion to encourage savings in the country. The yearly collection target for 2020-21 was set at Rs250 billion, lower from Rs352 billion the previous year (2019-20), according to the official.
In response to a question, he stated that CDNS had decided to start Islamic financing and that the process to deliver the Shariah-compliant facility will begin next month. “Prize bonds and savings certificates based on Shariah principles will be offered for investment in this respect.”
In addition, the CDNS will provide Islamic investment opportunities to its customers, such as private and public-sector banks, where Islamic banking has reached a 20 percent market share. The official responded to a question by saying that CDNS had taken initiatives to improve investment opportunities and promote digital investments through new projects.
“CDNS is designing digital prize bonds in partnership with the State Bank of Pakistan (SBP), which would be offered through electronic channels,” he said.
“CDNS is also working on its first mobile app for purchasing and encashment National Savings Certificates online.” The CDNS will use the RAAST payment system for a faster flow of payments through its financial tributaries, according to the official, for the better and more efficient electronic movement of funds.
