ISLAMABAD: The Central Directorate of National Savings (CDNS) will launch two Shariah-compliant schemes. Sarwa Islamic Savings Account (SISA) and the Sarwa Islamic Term Account (SITA). It is starting next month.
The CDNS has established an Islamic window called Rafa National Savings (RNS). Their role is to provide different Sharia-compliant investment accounts. This account will be under the Sarwa Islamic Savings Account Rules 2019. These rules have already been approved by the federal cabinet. The operation of this scheme will be allowed in all national savings centers.
To ensure Sharia compliance with schemes and operations, the CDNS has appointed a supervisory board composed of renowned academics.
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While SISA will not have a tenor, SITA will comprise four different tenors: one, three, five, and 10 years. Initially, three- and five-year SITA will be offered.
A notification issued by the Finance Ministry on Friday said the expected rate of profit payable on deposits made at SISA would be 13.50 percent. SITA deposit yields will be 12.60 percent and 13.28 percent for five- and three-year terms, respectively.
A senior CDNS official explained that the SISA will be open for an unlimited period. It will remain valid for the payment of capital and the payment of profits from it. It is linked to the SITA or the investment is collected or withdrawn by the registered holder.
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