To meet the financial needs of long term category investors and provide them with the opportunity to take maximum benefit of their savings, the Government of Pakistan introduced Defence Savings Certificates (DSCs) scheme in the year 1966.
Keeping in view the hardships faced by the widows and senior citizens, Behbood Savings Certificates (BSCs) with a 10-years maturity period were launched by the Government of Pakistan on July 30, 2003.
Keeping in view the monthly requirements of the general public, the Regular Income Certificates (RICs) with a maturity period of five years were launched on February 2, 1993.
Special Savings Certificates (SSCs) with a (maturity period of three years) was launched on February 4, 1990 that offers a unique investment opportunity for small and medium savers to meet their periodic financial needs.
The Government of Pakistan launched Short Term Savings Certificates (STSCs) scheme on July 1, 2012. The scheme has been specifically designed to meet the short term financial requirements of the depositors.
Savings Account (SA) is the oldest/primeval offering of the National Savings with a product design to encourage the small savers to invest in a way that helps them meet their day-to-day financial needs. Savings Account gives a great facility to its investor for withdrawing the amount deposited three times a week.
Keeping in view the hardships faced by the pensioners and for helping them having a regular stream of income even after their retirement, the Government of Pakistan has launched Pensioners’ Benefit Account (PBA) with a maturity period of 10 years on January 19, 2003.
This investment scheme was launched in February 1990 with a maturity period of three years where the profit is paid on the completion of each period of six months or on completion of three years, as the case may be.
Shuhadas Family Welfare Account (SFWA) is offered to benefit the families of Shuhadas of Armed Forces,Law Enforcement agencies and civilians to invest in a way for providing maximum social security net to the deserving segment of society.
Well-cognizant of the need, Central Directorate of National Savings (CDNS) is fully committed to structure and offer investment avenues which are fully compliant to the principles of Sharia. As a first step towards the objective, and in view of the long outstanding desire of public to have a Sharia compliant investment avenue, CDNS has launched a dedicated Islamic window, named as Rafa National Savings (RNS). RNS is being established to offer Sharia Compliant savings solutions to the public, thereby promoting interest (Riba) free savings and investments opportunities.
Rafa National Savings is a separate and independent Islamic window of CDNS. It works under the guidance of Shariah board lead by esteemed and renowned members and governed by a robust Sharia governance framework.
Products offered by Rafa National Savings:
The following Shariah compliant products are being offered
1- Sarwa Islamic Savings Account (SISA)
2- Sarwa Islamic Term Account (SITA) – 1 year
3- Sarwa Islamic Term Account (SITA) – 3 years
4- Sarwa Islamic Term Account (SITA) – 5 years
Sarwa Islamic Savings Account (SISA) and Sarwa Islamic Term Account (SITA) are 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 and SITA, 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 and SITA (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.
Accountholders will be entitled to the actual profit under the relevant Wakala-bil-Istismar investment made under the respective SISA or SITA product (the Wakala Profit) and the anticipated profit rates for such investments are calculated and disclosed by RNS/CDNS on the basis of their pro rata investments. If profit earned is higher than anticipated profit rates, the excess shall be an incentive granted to MoF as the agent. In case of any loss on the investments, the principal being respective SISA or SITA account holder (duly represented by RNS/CDNS) shall bear proportionate risks associated with the acts of the agent under the Wakala except those losses resulting from the Wakil’s gross negligence, willful misconduct, breach or fraud.
