- Sarwa Islamic Savings Account and Sarwa Islamic Term Account have been launched.
- A Shariah Supervisory Board has been appointed to ensure that the accounts comply with Shariah law.
- SITA will have a minimum investment requirement of Rs. 50,000.
The Sarwa Islamic Savings Account (SISA) and Sarwa Islamic Term Account (SITA), two Shariah-compliant programs, have been launched by the Central Directorate of the National Savings Organization.
Rafa National Savings (RNS), an Islamic window established by the Central Directorate of National Savings, is tasked with offering various Shariah-compliant investment accounts in accordance with the “Sarwa Islamic Savings Account Rules, 2019.”
The federal cabinet has already given its blessing to these regulations, and all national savings institutions will be able to participate in this scheme.
The central directorate of national savings has appointed a Shariah Supervisory Board made up of prominent Shariah scholars to guarantee that the schemes and operations comply with Shariah law.
The Sarwa Islamic Term Account will have four possible tenures of one, three, five, and ten years while the Sarwa Islamic Savings Account would have no tenure. SITA-3 years and SITA-5 years will be made available at first.
According to a statement from the ministry of finance, earnings on deposits made in the three-year Sarwa Islamic Term Account (SITA) would be paid at a rate of 13.28 percent, while profits on deposits made in the five-year Sarwa Islamic Term Account (SITA) will be paid at a rate of 12.60 percent.
Until such time as it is linked to the SITA account or the investment is paid out or withdrawn by the registered holder, the SISA account will be open for an indefinite amount of time and remain valid for principal payment and profit payment thereof.
The Sarwa Islamic Savings Account (SISA), a Shariah-compliant substitute for the CDNS regular savings account, has a Rs. 100 minimum investment requirement. Profit is determined based on the account’s daily closing balance and is paid out on a monthly basis.
The Sarwa Islamic Term Account (SITA) will have a minimum investment requirement of Rs. 50,000, 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, five years, and 10 years.
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