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Web Desk — In an appreciable move, the Central Directorate of National Savings (CDNS) has announced that the Islamic financing system will be implemented in the country by the end of next month.
A CDNS official told APP on Monday that prize bonds and saving certificates would be issued in accordance with Shariah financing laws.
“CDNS will provide Shariah-compliant investment opportunities to institutions similar to the private and public sector banking industry, where the share of Islamic business has now reached 20%,” he said.
Replying to a question, he said that CDNS collected Rs850 billion in fresh deposits in the first seven months of the current fiscal year 2021-22.
For the year, the directorate has set the annual gross receipt target at Rs980 billion to promote savings in Pakistan.
He recalled that CDNS had fixed the annual deposit collection target at Rs250 billion for 2020-21 against Rs352 billion in the previous year (2019-20).
According to the CDNS official, the directorate is introducing new investment opportunities and promoting digital investments through several new projects.
The Islamic finance industry continued its impressive growth journey in Pakistan in 2021, according to Dawn. Pakistan has been ranked 8th on the Global Islamic Economic Indicator list for its sustainable growth of Islamic institutions in the financial sector and economy.
In 2021, the Islamic finance industry of Pakistan grew significantly, experienced significant developments, and achieved global recognition.
Global recognition
The State Bank of Pakistan (SBP) has been voted as the best central bank in promoting Islamic finance for the fourth time by a poll conducted by Islamic Finance News, Redmoney Group Malaysia.
In 2021, Governor SBP Dr. Reza Baqir was appointed as the new chairman of the IFSB (Islamic Financial Services Board) council and general assembly for 2022.
Capital markets
Pakistan Stock Exchange (PSX) bagged the Best Islamic Stock Exchange Award 2021 by Global Islamic Finance Awards. The PSX has total listed capital of Shariah-compliant companies of Rs770 billion, making up 53pc of the total listed capital (including modarabas, Islamic banks, Islamic mutual funds and electronic funds transfer).
