CDNS Surpasses Rs960 Billion Mark in Fresh Bonds, Targets Rs1.6 Trillion for FY24
Karobar
The Central Directorate of National Savings (CDNS) has accomplished a significant milestone by reaching Rs960 billion in fresh bonds during the current fiscal year, spanning from July 01 to January 09 FY24, according to a report by the Associated Press of Pakistan (APP).
Notably, the CDNS has not only met but exceeded the annual target, achieving a commendable Rs1.6 trillion in fresh bonds for the ongoing fiscal year, as confirmed by a senior CDNS official to APP on Tuesday.
This surpasses the prior financial year's target of Rs1.3 trillion by an additional Rs200 billion, showcasing robust performance and financial resilience. The senior official stated, "The CDNS has revised the savings target to Rs1.4 trillion for the current financial year (2021-22), aiming to foster a savings culture within the country."
In alignment with the prevailing market dynamics, this ambitious target has been set to further enhance the culture of savings. The official highlighted ongoing institutional reforms within CDNS, introducing new measures and innovations to adapt to evolving financial landscapes.
An interesting development is the introduction of an Automated Teller Machine (ATM) within CDNS, providing enhanced facilities for users.
Addressing investments, the official revealed that as of January 09, 2023-24, the CDNS had successfully gathered an investment of Rs52 billion through Islamic investment bonds. Looking ahead, the directorate has set a target of Rs75 billion for Islamic finance bonds in the new financial year 2023-24.
When questioned about the CDNS's strategy, the official emphasized the organization's intent to introduce new dimensions in the Islamic finance sector, aiming for innovative approaches to diversify their offerings.
He further explained that the CDNS had reviewed and set a target of Rs60 billion in the fiscal year 2022-23 for Islamic investments, with the aim of introducing new financial products to the market.
Highlighting the global significance of Islamic finance, the official stated, "Islamic finance plays a crucial role in the global financial sector, with a substantial portion of the economies of major countries currently incorporating Islamic finance principles."
