National Savings Sarwa Islamic Account Latest Update l National Savings Islamic Monthly Profits 2022
Channel: Business with Ali
Date: 17/09/2022

The Central Directorate of National Savings Organization has begun ‘Sarwa Islamic Savings Account (SISA) and Sarwa Islamic Term Account (SITA), two Shariah-compliant schemes.

The Central Directorate of National Savings has established an Islamic window named ‘Rafa National Savings (RNS) whose role is to provide different Shariah-compliant investment accounts under “Sarwa Islamic Savings Account Rules, 2019. These rules have already been approved by the federal cabinet, and the operation of this scheme will be allowed from all national savings centers.

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To ensure Shariah compliance of the schemes and operations, a Shariah Supervisory Board comprising renowned Shariah scholars has been appointed by the central directorate of national savings.

While the Sarwa Islamic Savings Account will have no tenure, the Sarwa Islamic Term Account will comprise four different tenures of one, three, five, and ten years. Initially, SITA-3 years and SITA-5 years will be offered.

A notification issued by the ministry of finance mentioned that the expected rate of profit payable on the deposits made in the Sarwa Islamic Savings Account (SISA) will be 13.50 percent, and profits payable on the deposits made in the five-year Sarwa Islamic Term Account (SITA) will be 12.60 percent, and 13.28 percent on three-year SITA.
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