KARACHI: Exhibiting its resolve to provide a dedicated savings platform to the public that comply with the principles of Sharia, Central Directorate of National Savings (CDNS) - Ministry of Finance has appointed Dar Al Sharia Islamic Finance Consultancy LLC (Dar Al Sharia) as Sharia Advisor for the successful establishment of a dedicated Sharia compliant National Savings window and an Islamic National Savings product.

The engagement agreement was signed at CDNS office, Islamabad between CDNS and Dar Al Sharia. The signing ceremony was attended by Zafar Masud – Director General, Zaheer Abbas and Munawar Ali on behalf of CDNS and Mian Nazir- Chief Executive Officer, Mufti M. Hassaan Kaleem and Syed Sitwat Rizvi on behalf of Dar Al Sharia.

CDNS has a unique distinction of being the largest investment and financial institution in Pakistan which carries a legacy of more than 130 years by now. It holds a massive portfolio of over 3.4 trillion rupees with more than 7 million valued investors. Dar Al Sharia is renowned globally for rendering innovative Sharia consultancy services across all Islamic finance segments and is also the recipient of numerous international awards in recognition of its outstanding services to the Islamic finance industry.

Pursuant to this engagement, CDNS will establish, under advice of Dar Al Sharia, a fully segregated Islamic window which will be able to offer Sharia compliant saving products and services. National Savings will aim to promote savings that will be utilized for investment by the Government of Pakistan in a Sharia compliant manner for its Sharia compliant revenue generating projects and development activities. The investors shall be entitled to receive profit proceeds arising out of the revenue generated from Sharia approved assets portfolio.—PR