CDNS gets Rs20bn in 1QFY24 Islamic Finance

In the Islamic fiscal year 2023-24, the CDNS aims to promote the Islamic banking sector with Rs75bn, a senior official told APP here on Wednesday.

He stated the goal was to expand Islamic financing.

The source stated that CDNS had assessed and established a Rs60bn Islamic investment target for the fiscal year (2022-23) to launch new goods.

"Islamic finance has a very important role in the global financial sector at this time, and a large part of the economy of many major countries currently includes Islamic finance," Top official: "Work on Islamic finance is still needed in Pakistan."

To a question, he stated CDNS was undergoing institutional reforms and introducing new reforms and innovations.

"At this time Automated Teller Machine (ATM) has also been introduced in CDNS which will provide enough facilities to the users," said.

To another query, he replied, "The CDNS has digitized National Savings Certificates (NSCs) for consumer convenience and institutional modernization."

He added the CDNS and CDCP inked a pilot initiative to digitize and dematerialize NSCs last week.

The official said this would boost investment in National Savings and consumer confidence, adding that the CDCP deal was part of the institution's automation and digitization.

They said the CDNS digitized National Savings Certificates (NSCs) for customer convenience and institutional modernization.

He answered another question by saying the Central Directorate of National Savings (CDNS) had raised Rs400bn in new bonds from July 1 to September 30.

Last fiscal year 202-23, the CDNS exceeded its annual target of Rs1.6 trillion in additional bonds.