CDNS to set up Islamic window for savings products
#Pakistan's Central Directorate of National Savings (CDNS) will set up an Islamic window Rafa National Savings to handle the transactions of sharia-compliant saving products. The government has appointed the Dubai-based sharia advisory firm Dar Al Sharia to replicate Islamic financial model for the conventional national savings certificates. Currently, the state-owned CDNS is finalising rules and governance structure for sharia-compliant products. However, the country’s savings-to-GDP ratio of 13.1% is still lowest in the region and attractive financial solutions are needed to foster savings.
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