ISLAMABAD: In a bid to promote a culture of savings and Islamic finance in Pakistan, the Central Directorate of National Savings (CDNS) has set a lofty annual target of Rs 1650 billion for the current fiscal year, 2024-25.
The CDNS has also set its sights on investing Rs 170 billion in Islamic finance for the current fiscal year, which is expected to boost the Islamic economy in the country.
The senior official of CDNS revealed that the directorate had surpassed its annual target in the last fiscal year, 2023-24, by realizing Rs 1.742 trillion in fresh bonds, exceeding 100% of the annual target.
This achievement builds on the success of the previous fiscal year, 2022-23, when CDNS surpassed its annual target and achieved Rs 1.6 trillion in fresh bonds.
The official highlighted that institutional reforms are underway at CDNS, with new reforms and innovations being introduced, including the introduction of Automated Teller Machines (ATMs) to facilitate users.
With a focus on Islamic finance, CDNS aims to introduce new dimensions in the sector, recognizing its significant role in the global financial landscape. A target of Rs 75 billion has been set for Islamic finance bonds in the new financial year 2023-24.
