National Savings Launches Two Shariah Compliant Schemes - SISA & SITA
The Central Directorate of National Savings (CDNS) has launched two Shariah-Compliant schemes, the Sarwa Islamic Savings Account (SISA) and the Sarwa Islamic Term Account (SITA). Under the Islamic Savings Account Rules 2019, the CDNS has established an Islamic Window named Rafa National Savings (RNS) with the role to provide different Shariah-Compliant investment accounts.
These rules have already been approved by the federal cabinet, and the operation of this scheme will be allowed from all national savings centres. Furthermore, the CDNS has appointed a supervisory board of renowned scholars to ensure the compliance of the schemes and their operations.
According to the details, the Sarwa Islamic Savings Account (SISA) will have no tenor, while Sarwa Islamic Term Account (SITA) will comprise of four different tenors, including one, three, five, and ten years. However, initially, the three and five year SITA will be offered.
In a notification issued by the Ministry of Finance on Friday, the expected rate of provide payable on the deposits made in SISA would be 13.50pc, and returns on SITA deposits will be 12.60pc and 13.28pc for the five and three year tenors, respectively.
It is pertinent to mention that Sarwa Islamic Savings Account (SISA) will be opened for an unlimited period and will remain valid for principal payment and profit payment. Furthermore, the minimum investment for this account will be Rs. 100 and profit being calculated on a daily on a basis of closing balance.
Meanwhile, the minimum investment under Sarwa Islamic Term Account (SITA) will be Rs. 50,000 and profit would be paid as per anticipated profit rates based on investment amounts and paid at the maturity for one year SITA, half-yearly for three years SITA, and monthly basis for five and ten years SITA.
Moreover, the holders of SISA would also have the ability to link to the SITA account.
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