National Saving Bond to be launched by month-end
Sunday, 13 December 2009
KARACHI, Dec 12 (Business Recorder): The National Saving has announced that it will launch 'National Saving Bond', the country's first tradable bond, at stock exchanges by the end of this month. The bond would be issued for periods of 3, 5 and 10 years, and would be tradable at all stock exchanges in the country.
In this regard, Director General, Central Directorate of National Savings (CDNS), Zafar M Shaikh, held a meeting with the members of Mutual Funds Association here Friday. In his detailed presentation, DG, CDNS briefed the mutual fund players about this new product. After the meeting, talking to media persons, Zafar said that the bond is being launched with the main objective to attract small savers of the country.
He said that the bond would be launched only for targeted participants. According to him, only pension funds, mutual funds and individual investors would participate in the trading of National Saving Bond, while banks and other institutions would not be eligible to participate. "We have decided to launch this new product to attract small savers of Karachi, Lahore and Islamabad regions", he said.
He pointed out that after the launch of National Saving Bond; National Saving has planned to introduce more products, including Shariah-compliant products. He told media persons that members of mutual fund industry have expressed their keenness in this product, which is the first of its kind in the country. He was optimistic that the National Saving Bond would succeed in attracting a big number of small investors in the country.
In this regard, Director General, Central Directorate of National Savings (CDNS), Zafar M Shaikh, held a meeting with the members of Mutual Funds Association here Friday. In his detailed presentation, DG, CDNS briefed the mutual fund players about this new product. After the meeting, talking to media persons, Zafar said that the bond is being launched with the main objective to attract small savers of the country.
He said that the bond would be launched only for targeted participants. According to him, only pension funds, mutual funds and individual investors would participate in the trading of National Saving Bond, while banks and other institutions would not be eligible to participate. "We have decided to launch this new product to attract small savers of Karachi, Lahore and Islamabad regions", he said.
He pointed out that after the launch of National Saving Bond; National Saving has planned to introduce more products, including Shariah-compliant products. He told media persons that members of mutual fund industry have expressed their keenness in this product, which is the first of its kind in the country. He was optimistic that the National Saving Bond would succeed in attracting a big number of small investors in the country.