KHANEWAL
National Savings Pakistan Director General Zafar Muhammad Sheikh at paid visits to Multan and Khanewal and spoke for the utility of the national savings system which is working on Shariah compliant banking.
He addressed a meeting on ‘Role of National Savings in the Economic Development of Pakistan’ at Institute of Management Sciences Bahauddin Zakariya University. He disclosed that the national savings system had made history by contributing Rs117 billion directly to national exchequer and enabled the government to pay off its debts including circular debts.
He further informed the participants that two nations are known more in banking sector in the world - the peoples of the US and Pakistan. He said that the organisation was capable enough to become a single source of funding in Pakistan and it aimed to decrease dependency.
He asked the students of IMS BZU to devise a new savings scheme for national savings. If the same is accepted, the student will get executive cadre job at NSS, he said.
He added that the quota in jobs for South Punjab and deprived area students soon. IMS chairman Dr Riazulhaq Tariq and students asked a many questions.
Talking to customers, officers and notables in Khanewal, the DG said that the system was working on Shariah compliant banking as well and it will yield soon while children protection schemes others were in the pipeline to be introduced.
“We are doing a sacred job as we give money directly to the government to sustain it and hence we must be recognised accordingly,” he said. He informed the participants that banking in Japan was totally on interest-free basis. “The system has also been adopted by the US and others as well. We can finance project of national importance in Pakistan to support the economy,” he said.
He said that the bill to convert NSS into an autonomous body had been lying deferred in the parliament for the last 30 years.
“The corporate sector gets from industry and industrialist eventually shift load on common man and poverty continues in the country,” he said. “We should take care of the money of masses lying in the national savings centres.”