National Savings Begins Shariah-Compliant Investment

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.

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.

The SISA account will be opened for an unlimited period and will remain valid for principal payment and profit payment thereof, till such time it is linked to the SITA account or investment is encashed or withdrawn by the registered holder.

The Sarwa Islamic Savings Account (SISA) is the Shariah-compliant alternative of the regular savings account of CDNS, and the minimum investment amount of SISA is Rs. 100, and profit is calculated on the daily closing balance of the account, paid on monthly basis.

The minimum investment amount under the 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 maturity for one year SITA, half-yearly for three years SITA, monthly for five years SITA, and monthly or yearly for ten years.


  • Who is going to trust National Saving having even less facilities and transparency than NBP, let alone other banks like HBL, Bank Alfalah, and others. There is no ATM in several National Saving locations and pathetic old-minded staff with rude behavior is another hurdle in trusting them

    • I am astonished to read the comment regarding ATM machines by Mr AR Khalil. Sir the card issued by NSC can be used in any ATM near your house. Secondly l wonder if you know the new cheque book system? The old system where you had to face the extremely rude staff will be discontinued by 31 August 2022. Now the clients will deposit the cheque in their bank and the money will be transferred on the next working day.

      • Hi Farid
        Thanks for valuable information

        One quick one: Is investor eligible to claim tax rebate on these investment periodic profit having maturity from 1 to 10 years

  • It is proposed that those having Conventional SSC or RIC may be allowed to allowed to convert the same into 3yrs and 5 yrs SITA maintaining the same Issue Date and at a Return not detrimental to such investor ( held SSC/RIC applicable rate or SITA rate at the time of such conversion, which ever is higher) to encouraged Good Initiative by Investor of moving his/her existing Non Sharia Compliant to Sharia Compliant term deposit products .
    Similarly to encourage SISA existing NSC Saving Account holder’s may be allowed to have SISA established through a simple application requesting the same without requiring fresh KYC or Biometric. I understand that Sharia Board will have no object to such good initiative of investor of moving existing Non Shariah Compliant deposits to Sharia compliant mode and get rid of their non shariah compliant deposits earliest. At the same time if such conversion is approved by NSC Sharia Board , will facilitate NSC in converting their existing non shariah compliant deposits portfolio expeditiously.

  • National Savings is running with such an out dated model that no one can imagine in 2022. Extremely unprofessional staff and no online banking facility at all to date. Even they don’t bother to update and fix their website which clearly shows the level of laziness officials have.

  • NSC is very back word and have no any banking system.I have apply for a debit card about 1.5 months ago. But to date they are unable to issue the same nor they are replying any quarry. They even can not compete with other Pakistani Bank.
    Very disappointed from them.


  • close
    >