ISLAMABAD: The Central Directorate of National Savings (CDNS) has set a mega target of Rs70 billion rupees in the Islamic finance year 2023-24 intending to introduce new dimensions in the Islamic finance sector.
While talking to APP senior official on Friday said that Islamic finance has a crucial role in the global financial sector in the modern age as many countries in the world focus to deal with Islamic finance as a major part of the economy adding that like other countries Pakistan direly needs Islamic finance to boost its economy.
He further said that at present the Automated Teller Machine (ATM) has also been introduced in the central directorate to facilitate users as the CDNS would now facilitate its customers as a complete bank.
To modernize the institutional process he said the CDNS has digitized National Savings Certificates (NSCs) for the convenience of consumers.
Agreement between CDNS and CDCP
The senior official also informed that CDNS and Central Depository Company of Pakistan Limited (CDCP) signed an agreement last week to launch a pilot project to digitize and dematerialize NSCs adding that the move would assist to boost investment in National Savings and increase consumers’ confidence.
He added that the agreement between National Savings and CDCP was a part of the automation and digitization of the institution.
Regarding fresh bonds in fiscal year (2022-23), he said CDNS has attained the target of Rs 1.48 trillion while in the current fiscal year the recent target would possibly be exceeded.
