The Central Directorate of National Savings has secured Rs 50 billion in Islamic finance bonds at the end of the second quarter of the current fiscal year 2023–24.
“The National Savings has issued Islamic bonds for the promotion of the Islamic finance system, which will help the development of the Islamic economy in the country,” a senior official of the Directorate of National Savings told.
CDNS had collected an investment of Rs 16 billion in July 2023–24 through Islamic investment bonds.
Directorate of National Savings had set a target of Rs 75 billion for the new financial year 2023–24 for Islamic finance bonds. CDNS aimed to introduce new dimensions in the Islamic finance sector.
CDNS had achieved the set target of Rs 60 billion in the fiscal year (2022–23) for Islamic investment to introduce the new products to the market.
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.
The senior official of CDNS said that work was being done on institutional reforms in CDNS and that new reforms and innovations were being introduced.
