The Sarwa Islamic Financial savings Account (SISA) operates underneath the Shariah-compliant Wakala-bil-Istismar mannequin, which is an funding company association.
On this construction, the account holders (known as the ‘Muwakkil’, or principal) appoint the ‘Wakeel’ (agent) to handle their funds on their behalf.
Within the case of the Sarwa Islamic Financial savings Account, the account holders request the Registrar and Nationwide Financial savings (RNS) or Central Directorate of Nationwide Financial savings (CDNS) to designate the Ministry of Finance (MoF) as their agent for investing the funds in authorities tasks or revenue-generating property that adjust to Shariah rules (known as the Shariah Authorised Venture Portfolio).
Upon receiving such a request, CDNS will instruct the MoF to determine Shariah-compliant agreements for the administration of those investments, aiming to generate earnings for the account holders.
Revised Revenue Charges of Sarwa Islamic financial savings account for February 2025
Efficient February 2025, CDNS has revised the revenue charges for numerous financial savings schemes, together with Sarwa Islamic financial savings account. The revenue price for the Sarwa Islamic financial savings account is now set at 9.74%, a lower from the earlier price of 9.90%. This adjustment displays the general lower in inflation charges inside the nation.
Learn Extra: Pakistan reduces revenue charges on Nationwide Financial savings certificates
Earlier, on the finish of January 25, the Pakistan authorities decreased revenue charges for numerous nationwide financial savings schemes by two per cent.
The choice was taken as per the State Financial institution of Pakistan’s coverage price that was lower by 100 foundation factors to 12 per cent. As per the notification that was issued by the finance ministry, the revenue price on Common Revenue Certificates was decreased to 11.88 per cent from 12 per cent yearly.
Additionally, the charges for short-term certificates have been adjusted, with the three-month certificates revenue falling from Rs3,190 per 100,000 to Rs2,810 per 100,000. Together with these changes, the speed of return on Protection Saving Certificates has been decreased to 14.22 per cent from 14.41 per cent.