Central Directorate of National Savings surpasses target with Islamic Bonds

ISLAMABAD, March 26: The Central Directorate of National Savings (CDNS) has achieved remarkable success in promoting Islamic finance, exceeding expectations with Rs 65 billion collected through Islamic bonds in the current financial year from July to March 25th, 2024.
A CDNS official highlighted the significant progress, exceeding the initial collections of Rs 16 billion in the first month. This steady growth has propelled total savings through Islamic bonds to Rs 65 billion, surpassing initial projections.
The official emphasized the strategic issuance of Islamic bonds, aiming to strengthen the Islamic financial system and contribute to the development of Pakistan's Islamic economy.
While the target for Islamic bond savings is set at Rs 75 billion for the entire financial year, CDNS has already surpassed it by a significant margin. It's worth noting that the Directorate has achieved a total of Rs 1.2 trillion in savings through new bond issuances since the beginning of the current fiscal year.
This achievement demonstrates the growing popularity of Islamic financial instruments and the CDNS's effective strategies in attracting investments.