CDNS Achieves Rs 65 Billion Islamic Finance Bonds Target

The Central Directorate of National Savings (CDNS) has successfully secured the bond by reaching the goal of Rs 65 billion in Islamic finance annual investment bonds. This achievement marks a significant milestone for National Savings, as it paves the way for the commencement of Islamic investments with a new target in the upcoming financial year. The CDNS managed to achieve the target of Rs 65 billion in Islamic finance bonds for the fiscal year 2023–24 by March 30.

The issuance of Islamic bonds by National Savings aims to promote the Islamic finance system, contributing to the development of the Islamic economy in the country. In the initial month of July 2023, around Rs 16 billion was collected through these bonds, setting a strong foundation for the ongoing fiscal year. The CDNS had previously met the target of Rs 60 billion from Islamic bonds in the last fiscal year (2022–23), leading to a focus on introducing new dimensions in the Islamic finance sector.

Islamic finance has gained prominence in the global financial sector, with many major countries incorporating it into a significant portion of their economies. The CDNS is actively working on institutional reforms to further enhance the savings culture in the country, aligning with the current market trends. In the current fiscal year, the CDNS has achieved a target of Rs 1210 billion in fresh bonds from July 1, 2023, to April 5, 2024, showcasing a robust performance in financial operations.

The successful attainment of the Rs 65 billion target in Islamic finance bonds by the Central Directorate of National Savings underscores the organization's commitment to promoting Islamic finance and fostering economic development. With a strong focus on institutional reforms and market trends, the CDNS continues to play a pivotal role in enhancing the savings culture and driving financial growth in the country.