Directorate of National Savings achieve Rs224bn investment target

KARACHI: Directorate of National Savings NSs has achieved its annual investment target of Rs 224 billion investment and now planning to launch Islamic bonds.

Talking to media here, Director General National Savings Zafar M Sheikh said that so far some Rs 275 billion of new investment had been attracted by the Directorate against the target of Rs 224 billion set for the current fiscal year 20122013.

“We have achieved this milestone with the support of energetic team and are expecting more investment in the remaining period of current fiscal year,” he added.

Talking about the performance of the Karachi region, he said that Karachi was still leading all offices with a share of Rs 127 billion in total new investment of current fiscal year.

He said that the Directorate was also planning to launch Islamic mode of instrument with an aim to attract the segment of society, which want Islamic investment and financing. “We have already submitted proposal of Islamic Bonds and likely to formally issue these bonds by the end of December 2013.”

He said that National Savings was playing a vital role in development of the economy besides catering the financial needs of the federal government. “National Savings is also interested to start home remittances schemes to facilitate the overseas Pakistanis and their families in Pakistan. Under the project some 400 offices will also distribute the remittances sent by overseas Pakistanis,” he mentioned.

As shortage of staff was causing hurdles in launching new projects, therefore it has been decided to appoint some 1200 new staff during the next six months, taking the total strength of the National Savings to 5500, he added.

Zafar Sheikh said that student bonds had received very positive response and target of Rs 2.5 billion was achieved during the initial weeks of the launch. “After the first successful launch of student bonds now it will be launched soon with a target of Rs 5 billion.”

He said that currently saving to GDP ratio was about 13 percent and concrete efforts were required to raise it to 20 percent.