The Sarwa Islamic Savings Account (SISA) and the Sarwa Islamic Term Account are two Shariah-compliant programmes that have been introduced by the Central Directorate of National Savings (CDNS) (SITA). The Rafa National Savings (RNS) Islamic Window has been established by the CDNS in accordance with the 2019 Islamic Savings Account Rules with the purpose of offering various Shariah-Compliant investment accounts.
The federal cabinet has already given its approval to these regulations, and all national savings centres are permitted to participate in this programme. A supervisory board made up of prominent academics has also been appointed by the CDNS to oversee the schemes’ compliance and performance.
The Sarwa Islamic Term Account (SITA) will have four different tenors, including one, three, five, and ten years, as opposed to the Sarwa Islamic Savings Account (SISA), which will have no tenor. The three and five year SITA will be available initially, though.
The Ministry of Finance said on Friday that the estimated rate of return on SISA deposits would be 13.50 percent, and returns on SITA deposits would be 12.60 and 13.28 percent for the five and three year tenors, respectively.
It is important to note that the Sarwa Islamic Savings Account (SISA) can be opened for as long as you choose and will always be good for both principal and profit payments. Additionally, the first deposit for this account will be Rs. 100, and daily profit will be determined by the account’s closing balance.
The Sarwa Islamic Term Account (SITA) will have a Rs. 50,000 minimum investment requirement, and profits will be paid according to predicted profit rates based on investment amounts and paid at maturity for SITAs of one year, three years, and five and 10 years, respectively.
Additionally, SISA account holders would be able to connect to SITA accounts.
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