CDNS Achieves Rs50 Billion Milestone in Islamic Bonds, Sets Sights on Rs75 Billion Objective

The Central Directorate of National Savings (CDNS) has successfully acquired Rs50 billion through Islamic finance bonds by the close of the second quarter of the fiscal year 2023–24, as reported by APP.

According to a senior official at the Directorate of National Savings, these Islamic bonds have been issued by the National Savings to foster the Islamic finance system, thereby contributing to the advancement of the Islamic economy within the country.

In response to queries, it was disclosed that in July of FY24, the CDNS amassed investments worth Rs16 billion through Islamic investment bonds. Additionally, the directorate has outlined an ambitious target of Rs75 billion for the ongoing fiscal year 2023–24 concerning Islamic finance bonds.

The CDNS aims to revolutionize the Islamic finance sector, as emphasized in their pursuit to introduce new dimensions within this domain. Highlighting past achievements, it was noted that the CDNS had not only met but surpassed the set target of Rs60 billion in the fiscal year 2022–23 for Islamic investments, introducing novel products to the market.

"Islamic finance currently plays a pivotal role in the global financial sector, with many major economies prominently integrating Islamic finance into their economic frameworks," the senior CDNS official remarked.

Elaborating further, the official emphasized ongoing efforts towards institutional reforms within CDNS, citing the introduction of innovative reforms aimed at enhancing the sector's functionality.

Reinforcing the significance of savings culture, the official remarked on the market's current trajectory, underlining the ambitious target set to further fortify the culture of savings.

In response to inquiries, it was highlighted that the CDNS not only met but surpassed the set target for fresh bonds in the ongoing fiscal year, recording Rs950 billion from July 01 to December 31. Subsequently, surpassing the annual target, the CDNS achieved a milestone of Rs1.6 trillion in fresh bonds for the current fiscal year.

This accomplishment represents a significant increase of Rs200 billion compared to the previous year's target of Rs1.3 trillion for the fiscal year 2021–22.

"The CDNS has revisited its savings target, now set at Rs1.4 trillion for the current financial year (2021–22), with a focus on fostering a robust savings culture in the nation," stated the official.