CDNS collects Rs24bn investment in Islamic finance
The CDNS has revived the annual collection target of investment in Islamic finance for the Current Fiscal Year 2024-25, which will lead to growth in the country's Islamic economy.
'The National Savings had issued the Islamic bonds for the promotion of the Islamic finance system, which will help the development of the Islamic economy in the country,' a senior official of CDNS told APP here Sunday.
Replying to a question, he said the CDNS had achieved the target of Rs 75 billion during the last fiscal year (2023-24) from the Islamic bonds, and that was why it aimed to introduce new dimensions in the Islamic finance sector.
'Islamic finance now has a significant role in the global financial sector.
A large part of the economy of many major countries currently includes Islamic finance,' he added. The official said that work was being done on institutional reforms in the CDNS.
Given the current market trend in the country, an ambitious target had been set to improve the savings culture further, he added.
Replying to another question, he said that the CDNS had set an annual target of Rs 1650 billion for the current Fiscal Year, 2024-25, which would promote the saving culture in the country.
He said that the CDNS has realized 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 30th.
The National Savings has set an annual target of Rs 1.7 trillion for the year 2023-24; it is encouraging that this year, 'We surpassed 100 percent of the annual target.'
The CDNS surpassed the annual target and achieved the target of Rs 1.6 trillion in fresh bonds in the previous fiscal year 2022-23, he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
4 hours ago
- Business Recorder
Auditor General of Pakistan asked to conduct IPPs' audit
ISLAMABAD: Parliament's Public Accounts Committee (PAC) has launched a renewed push for accountability in Pakistan's power sector, directing the Auditor General of Pakistan to conduct a special audit of Independent Power Producers (IPPs). The move comes amid growing concerns over soaring capacity payments, questionable policy decisions, and the economic burden placed on citizens. Chaired by MNA Junaid Akbar, the PAC meeting scrutinized nearly a decade of data related to the country's private power generation sector. Despite a sharp rise in installed capacity—from 9,765 MW in 2015 to 26,642 MW in 2024 — and a doubling of electricity generation, members questioned whether these investments delivered value for money. More alarming was the escalation in capacity payments to IPPs, which ballooned from Rs 141.5 billion in 2015 to a staggering Rs 1.434 trillion in 2024. These payments are made regardless of actual electricity supplied and are now seen as a major contributor to the spiraling cost of electricity in Pakistan. Chinese CPEC IPPs press Pakistan govt for Rs475bn dues 'This is not just about numbers—it's about decisions that have economically burdened millions,' one PAC member remarked during the session. The Committee criticized the Power Division and its affiliated agencies for failing to provide comprehensive data on energy generation, usage, and cost-effectiveness. The establishment of the Sahiwal coal plant using imported coal came under heavy fire, with lawmakers questioning the rationale behind choosing expensive and environmentally harmful energy sources. 'When the world is exiting coal, why is Pakistan digging deeper into it—literally and financially?' asked one member. Environmental costs and transport inefficiencies only added to the scrutiny. Another major issue raised was the apparent misappropriation of Rs 45 billion from fuel payments to capital expenditures. The matter was referred to the Federal Investigation Agency (FIA) for a full inquiry and potential recovery. Members also flagged the paradox of load-shedding continuing despite surplus generation capacity. The Committee demanded to know why the surplus power was not being directed toward industrial and agricultural growth. The Power Division Secretary said that limited surplus electricity was temporarily provided to industries during the winter with IMF consent—and a longer-term plan is under consideration. The Committee also targeted inconsistencies in energy policy, such as the continued reliance on imported LNG while cheaper domestic gas plants remain idle—yet still receive capacity payments. With millions living below the poverty line, members described this as 'an unacceptable failure of governance.' Concern was also raised about the complex criteria for 'protected consumers.' Lawmakers argued that the six-month condition for receiving subsidies unfairly excludes vulnerable households. Officials disclosed that protected consumers increased from 11 million in 2018–19 to 18.7 million in 2025, with subsidies now reaching Rs 389.9 billion annually. A shift to a targeted subsidy system via BISP data is planned by 2027. Copyright Business Recorder, 2025
Business Recorder
8 hours ago
- Business Recorder
Karachi & Hyderabad: CM reviews uplift projects worth Rs78bn
KARACHI: Sindh Chief Minister Syed Murad Ali Shah presided over a meeting to review the Development Portfolio of the Local Government Department for the financial year 2025-26, which stands at Rs 78.087 billion. The CM said that Rs 78.087 billion is allocated for 765 development schemes - 696 ongoing schemes and 60 new schemes, including 16 carry-forward schemes and 44 new schemes in the portfolio. Additionally, Rs 8288.680 million has been allocated for nine schemes included in the Mega Projects Karachi. He also reviewed mega development schemes of Karachi and Hyderabad, being undertaken by the LG Department. The meeting, held at CM House, was attended by LG Minister Saeed Ghani, Karachi Mayor Barrister Murtaza Wahab, Chief Secretary Asif Haider Shah, Principal Secretary Agha Wasif, Chairman P&D Najam Shah, Finance Secretary Fayaz Jatoi, LG Secretary Waseem Shamshad and other senior officers. The CM was told that this year's allocation is Rs 86,375.6 million, against which Rs 23,390.821 million have been released, while the utilisation is recorded at Rs1412.293 million. The overall progress on the ongoing schemes was reported at 7 per cent while the news schemes have been approved by the P&D recently. Karachi Development Schemes: The CM was briefed that Karachi has six major development schemes worth Rs 8.2 billion. These include the establishment of Allama Iqbal Park in the FB Area, the rehabilitation of Nehr-e-Khayam in District South, the construction of a sports complex in District Central, the reconstruction of the Korangi Causeway, and road construction in Sachal Goth. Additionally, there are efforts to rehabilitate the drainage system in Manzoor Colony, stormwater drain projects including works on Thado Nallah, Mehran Drain, Malir River at N-5 Murghi Khana, and junction works on the Korangi Causeway at Shahrah-e-Bhutto. The CM directed the LG Department to accelerate progress on these mega schemes, announcing that he would personally visit project sites soon. 'We must speed up the implementation of Karachi's development projects,' he said. Karachi also has 13 new schemes planned for FY 2025–26, including development of old city areas and major business districts, rehabilitation of old KMC markets, road restoration from Check Post-4 (Malir Cantt) to M-9 Motorway, road construction from Check Post-3 to Shahrah-e-Bhutto, development of IB Soomro Avenue and Memon Mamar roads, construction of roads in Shah Faisal Colony, storm-water drain rehabilitation, link roads to Shahrah-e-Bhutto, new roads from Gulshan-e-Hadeed Mor to Allah Wali Chowrangi, from Hub River Road (Turi Bangash) to Ittehad Town, the Karachi Traffic Corridor Project, a flyover crossing at Gujjar Nallah, construction on Sir Shah Suleman Road, Kidney Hill Park at the Bird Aviary site, development of Gutter Baghicha as a public park, upgrades at various graveyards, construction of a hockey ground near Ziauddin Hospital in Nazimabad. Hyderabad Development Schemes: The CM was also briefed on three new schemes for Hyderabad under the 2025–26 worth Rs4.4 billion, including a 23-inch diameter water supply scheme connecting the Combined Channel to a 6 MGD filtration plant at Latifabad Unit-4, costing Rs 1.2 billion, Construction of a 6 MGD Rapid Gravity Water Treatment Plant at Masri Goth, Qasimabad, with a cost of Rs 2 billion and Establishment of a six-MGD Water Filtration Plant at Khanpota. The CM instructed officials to start work immediately on these projects, emphasising that Hyderabad's road infrastructure had already been improved, and the completion of water and filtration schemes would resolve long-standing issues of the city. Copyright Business Recorder, 2025
Business Recorder
8 hours ago
- Business Recorder
Punjab tax collection outstanding in 1MFY
LAHORE: The Punjab Revenue Authority (PRA) has posted outstanding results in the very first month of the ongoing financial year 2025-26. According to a PRA spokesperson, the Authority collected Rs 19.5 billion in sales tax during July, while an additional Rs 506 million was generated under the Punjab Infrastructure Development Cess, bringing the total collection to Rs 20.073 billion. This marks a 46 percent increase compared to the same month last year. The spokesperson has highlighted that no change in tax rates was made during this period. Instead, the impressive growth is attributed to PRA's strategy of expanding the tax net and conducting awareness workshops for taxpayers and stakeholders. With these measures, he added, the Authority is confident of surpassing its annual revenue target this year. Copyright Business Recorder, 2025
