LAHORE – The Central Directorate of National Savings (CDNS) has reduced profit rates on various products including Sarwa Islamic Savings Account, with effect from December 2024.
In line with the public demand, CDNS has launched a dedicated Islamic window, named as Rafa National Savings (RNS) which promotes interest (Riba) free savings and investments opportunities.
Sarwa Islamic Savings Account (SISA) is based on the Shariah structure of Wakala-bil-Istismar which is an Investment Agency or a delegated authority whereby a Muwakkil (principal) appoints the Wakeel (agent) to carry out a specific job on behalf of the Muwakkil.
In case of SISA, the accountholders shall act as principal and request RNS/CDNS to appoint Ministry of Finance (MoF) as its agent in relation to the investment of the Muwakkil’s funds under the respect SISA (as the case may apply) on an unrestricted basis in Government’s projects/ revenue generating assets (the Shariah Approved Project Portfolio).
Pursuant to request, CDNS will request MoF to enter into Shariah based arrangements for managing the investments and generating profit for the accountholders.
The account holder can withdraw the amount at any time.
Profit Rate on Sarwa Islamic Savings Account December 2024
The CDNS has recently revised the profit rates on various savings accounts, including SISA, with effect from December 10, 2024.
The profit rate for Sarwa Islamic Savings Account has been fixed at 10.44% as compared to previous 11.16% as inflation has decreased in the country.
