Zafar Masud

National Savings plans launching of first Islamic product next year

#Pakistan's National Savings is expected to launch its first Islamic savings product by the start of 2018. According to Zafar Masud, director general of National Savings, the proposed product would begin with one year maturity and allow investors to earn monthly profit. The plan is to issue this product from the National Savings centres. Investors can invest a minimum of Rs10,000 with no maximum investment limit. National Savings manages a portfolio which is around 30% of Pakistan’s total banking deposits and serves more than seven million accounts. Experts see prospects of higher demand for Islamic finance to tap domestic savings. It is expected to increase competition among conventional and Islamic lenders to offer best returns to the savers.

Syndicate content