ISLAMABAD - The Central Directorate of National Savings (CDNS) has set an annual target of Rs1,650 billion for the current Fiscal Year, 2024-25, which will promote the saving culture in the country. Similarly, the CDNS has set a target of Rs170 billion investment in Islamic finance for the current fiscal year, which will lead to growth in the Islamic economy in the country, a senior official of CDNS told media here on Thursday.
Replying to a question, he said that the CDNS has realised a target of Rs1.742 trillion in fresh bonds and exceeded 100 percent of the annual target in the last fiscal year 2023-24, from July 1 to June 30. The National Savings has set an annual target of Rs1.7 trillion for the year 2023-24; it is encouraging that this year “we surpassed the 100 percent of the annual target”. The CDNS surpassed the annual target and achieved the target of Rs1.6 trillion in fresh bonds in the previous fiscal year 2022-23, he said. He said this was an Rs200 billion additional annual target than the target of Rs1,300 billion for the previous financial year 2021-22.
The CDNS has set a reviewed saving target of Rs1.4 trillion for the financial year (2021-22) which will promote savings culture in the country, he said, adding that given the current market trend in the country the ambitious target had been set to improve the savings culture further. The official said that work was being done on institutional reforms in CDNS and new reforms and innovations were being introduced. At this time Automated Teller Machine (ATM) has also been introduced in CDNS which will provide enough facilities to the users, he added.
The official added that the directorate had set a target of Rs75 billion for the new financial year 2023-24 for Islamic finance bonds. Replying to a question, he said the CDNS aimed to introduce new dimensions in the Islamic finance sector. 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, he added.
