Halal profit
ISLAMABAD: National Savings is launching four Shariah Compliant products for the first time, on July 1, 2023. The Shariah-based schemes will offer Halal profit to investors.
Finance Minister Senator Mohammad Ishaq Dar said on Monday at the launching ceremony of Shariah Compliant saving schemes.
The Shariah-compliant saving schemes are good for those who dislike interest-based profit.
This marks the first instance where National Savings is introducing Shariah Compliant products, reflecting their commitment to transitioning the entire banking system to a usury-free, Shariah-based Islamic model.
Finance Minister Dar expressed commitment to promoting the Islamic financial system and gradually eliminating the interest-based financial system in Pakistan.
He said that during the tenure of 2013-2017, Islamic Banking experienced significant growth, capturing a 21% market share in Pakistan.
Dar vowed to continue it and announced the launch of four new Islamic saving products from July 1, 2023.
These products include 1-year, 3-year, and 5-year savings accounts, as well as a monthly savings account.
Meanwhile, investors will have the flexibility to withdraw the principal amount at any time.
Stock market investors welcome pro-IMF budget
Pakistani stock market investors welcomed the pro-IMF budget and the 100-index gained 1000+ points on Monday noon.
The market witnessed a bullish sentiment on Monday amid hopes that Pakistan and IMF will sign a crucial Staff Level Agreement (SLA). It will lead to the resumption of the stalled $1.1 billion tranche in coming days.
A screenshot of stock market trading showing 1080 points increase on Monday.
On Monday, around 12:35 noon, the KSE-100 index gained 1000+ points, hitting 41,143.87 points. It is the first sign of the possibility of signing of the SLA between Pakistan and IMF.
The National Assembly has passed the new budget on Sunday after the finance ministry incorporated key changes in the budget as per the demands of the IMF.
