Islamabad, October 12, 2023 – The Central Directorate of National Savings (CDNS) has achieved its target of Rs 420 billion in fresh bonds for the current fiscal year, covering the period from July 1 to October 10, 2023.
This accomplishment signifies a strong commitment to promoting savings culture and financial security among the public.
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The achievement was confirmed by a senior official quoted by the Associated Press of Pakistan (APP), who highlighted that the CDNS had not only met its annual target but had exceeded it, reaching a total of Rs 1.6 trillion in fresh bonds for the fiscal year.
This annual target of Rs 1.6 trillion represented a substantial increase of Rs 200 billion compared to the previous fiscal year’s target of Rs 1.3 trillion (2021-22).
The official noted that the revised savings target for the current fiscal year (2022-23) stood at Rs 1.4 trillion, emphasizing that it was an ambitious goal designed to further nurture the savings culture within the country.
The CDNS set this ambitious target in response to current market trends in Pakistan, aiming to enhance financial literacy, encourage savings, and provide opportunities for individuals to secure their financial futures.
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To support these efforts and enhance customer convenience, the CDNS has introduced a range of institutional reforms and innovations. Among these is the introduction of Automated Teller Machines (ATMs) within CDNS, aimed at providing additional facilities to users.
The senior official also disclosed that the CDNS had successfully collected investments worth Rs 16 billion in Islamic investment bonds during the month of July 2023-24. For the upcoming financial year (2023-24), the directorate has set a target of Rs 75 billion for Islamic finance bonds, underlining its commitment to fostering the growth of Islamic finance products and services in Pakistan.
In the realm of Islamic finance, the CDNS aims to introduce new dimensions to the market and has set ambitious targets for expanding its portfolio. The official stressed the importance of Islamic finance on a global scale, indicating that many major economies now incorporate Islamic finance as a significant component of their financial sectors.
The CDNS’s achievements and initiatives underscore its role in promoting savings culture and financial inclusion in Pakistan, as well as contributing to the growth and diversification of the financial services sector in the country.
