CDNS Achieves Islamic Finance Investment Target for FY2024-25

ISLAMABAD: The Central Directorate of National Savings (CDNS) has successfully reached its annual collection goal of Rs 24 billion in Islamic finance investments. This accomplishment was achieved in the closing days of the fourth quarter of the current fiscal year, 2024-25.

The CDNS has successfully revived its yearly collection target for Islamic finance investments in the fiscal year 2024-25, which is expected to stimulate expansion within the nation’s Islamic economy.

A senior CDNS official stated that National Savings had introduced Islamic bonds to bolster the Islamic finance framework, thereby fostering the advancement of the Islamic economy nationwide.

In response to an inquiry, the official noted that CDNS had garnered Rs 75 billion from Islamic bonds during the preceding fiscal year (2023-24), leading to the ambition of introducing novel perspectives to the Islamic finance domain.

He further commented that Islamic finance is now a relevant component of the global financial landscape, with a substantial portion of numerous major economies incorporating Islamic finance principles.

The official also mentioned ongoing efforts towards institutional reforms within the CDNS.

He added that considering the prevailing market dynamics, an ambitious objective has been established to further cultivate a savings-oriented culture.

Responding to another question, he stated that CDNS has established an annual target of Rs 1650 billion for the current fiscal year 2024-25, to further encourage a culture of saving within the country.

He added that CDNS successfully secured Rs1.742 trillion through new bonds, surpassing 100 percent of the annual target in the previous fiscal year 2023-24, spanning from July 1 to June 30th.

National Savings had initially set an annual target of Rs 1.7 trillion for 2023-24, and it is encouraging that the target was exceeded by over 100 percent.

The CDNS also exceeded its annual target in the fiscal year 2022-23, attaining Rs 1.6 trillion through the issuance of fresh bonds.