CDNS Achieves Rs23 Billion Islamic Finance Target for 2024-25

The Central Directorate of National Savings (CDNS) has triumphantly met its Rs 23 billion target for Islamic finance investments in the first ten months of the 2024-25 fiscal year, from July 1 to April 15, marking a pivotal advance in bolstering Pakistan’s Islamic economy. Emboldened by this success, CDNS has set an ambitious new target of Rs 40 billion for the remainder of the fiscal year.

CDNS has been relentlessly driving the growth of Islamic finance through the issuance of Islamic bonds, a cornerstone strategy to strengthen the sector. A senior official emphasized that these bonds are critical to expanding Islamic finance, which is gaining global prominence. In the previous fiscal year, CDNS exceeded expectations, raising Rs 75 billion in Islamic bonds, and is now poised to surpass its current goals.

The official underscored the rising importance of Islamic finance in global financial markets, with major economies increasingly integrating it. To further promote a savings culture, CDNS has set an overall annual target of Rs 1,650 billion for 2024-25. Last year, it shattered its target, raising Rs 1.742 trillion in fresh bonds, exceeding expectations by over 100%.

CDNS is also pursuing institutional reforms and digital transformation to boost efficiency and enhance customer service. By prioritizing automation and digitization, the institution aims to deliver accessible services, fueling Pakistan’s economic growth.