Islamic Finance Flourishes as CDNS Achieves Significant Milestones

The Central Directorate of National Saving (CDNS) has successfully secured Rs 20 billion in Islamic finance during the first quarter of the 2023-24 fiscal year, spanning from July 1st to September 30th, 2023. CDNS has set an ambitious target of Rs 75 billion for Islamic finance in the fiscal year 2023-24, aiming to bolster the Islamic financial sector within the country and introduce new dimensions to it. The significance of Islamic finance in the global financial sector was underscored, with the official highlighting its substantial role in the economies of many major countries. Institutional reforms are currently underway at CDNS, including the introduction of Automated Teller Machines (ATMs) to enhance customer services and provide a more complete banking experience. Furthermore, CDNS has digitized National Savings Certificates (NSCs) and initiated a partnership with the Central Depository Company of Pakistan Limited (CDCP) for a pilot project to digitize and dematerialize NSCs. This effort is aimed at increasing investments in National Savings and bolstering consumer confidence. CDNS has not only met but exceeded its target, achieving Rs 400 billion in fresh bonds during the current fiscal year from July 1 to September 30. In the previous fiscal year 2022-23, CDNS achieved a substantial target of Rs 1.6 trillion in fresh bonds

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