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The Qaumi Bachat (National Savings) offers two Islamic Based Savings schemes to be known as
1. Sarwa Islamic Savings Account( SISA) and
2. Sarwa Islamic Term Account( SITA).
As we discussed earlier Both schemes are Islamic Shariah-compliant schemes and are functional in all the National Saving centers across the country.
According to Sources, the Central Directorate of National Savings has established an Islamic window with the name of Rafa National Savings( RNS) to give different Shariah-compliant investment accounts under “ Sarwa Islamic Savings Account Rules, 2019.
These rules have formerly been approved by the civil press, and the operation of this scheme will be allowed from all public savings centers in Pakistan. To ensure Shariah compliance with all schemes and operations, a Shariah Supervisory Board comprising famed Shariah scholars have been appointed by the central directorate of public savings. On the other side is good news the Sarwa Islamic Savings Account will have no terms and conditions, the Sarwa Islamic Term Account will comprise four different tours one time, three times, five times, and ten times. originally, SITA- 3 times and SITA- 5 times will be offered.
An announcement issued by the Ministry of Finance says the anticipated rate of profit outstanding on the deposits made in Sarwa Islamic Savings Account( SISA) will be paid 19.50 percent annually, Sarwa Islamic Term Account( SITA) with 12.84% annually for 5years of profit paid every month, 18% percent annual on 3 years investments profit paid after every 6month, and 20.80 percent annual profit on 12 months investments and Profit paid on maturity time.
Central Directorate of National Savings, Ministry of Finance said that the SISA account will be opened for an unlimited period and will remain valid for full payment and profit payment thereof, till upto similar time it's linked to the SITA account or investment is encashed or withdrawn by the registered holder.
The Sarwa Islamic Savings Account( SISA) is the Islamic principle of the regular savings account of CDNS, and the minimal investment quantum of SISA is Rs100 and profit is calculated on the Daily ending balance of the account, paid on a yearly based.
The minimal investment under the Sarwa Islamic Term Account( SITA) will be Rs 50,000, and profit would be paid as per awaited profit rates grounded on investment quantities and paid at maturity for one time SITA, half-monthly for three times SITA, yearly for five times SITA, annual or monthly for ten times.
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