Rafa National Savings
Shariah-Compliant Investment Solutions and Islamic Term Certificates in Pakistan
Recognizing the increasing demand for Islamic financial products, the Central Directorate of National Savings (CDNS) has taken a significant step by launching Rafa National Savings (RNS)—a dedicated platform for Shariah-compliant investments. This initiative aims to provide the public with savings options that are free from interest (Riba), aligned with Islamic financial principles.
What is Rafa National Savings (RNS)?
Rafa National Savings functions as an independent Islamic window within CDNS. It operates under a comprehensive Shariah governance framework, guided by a board of distinguished Islamic scholars. The goal of RNS is to facilitate Halal savings and investment opportunities for individuals who prefer to invest according to Islamic teachings.
Shariah-Compliant Products Offered by Rafa National Savings
RNS currently offers the following Islamic savings options:
- Sarwa Islamic Savings Account (SISA)
- Sarwa Islamic Term Account (SITA) – 1 Year
- Sarwa Islamic Term Account (SITA) – 3 Years
- Sarwa Islamic Term Account (SITA) – 5 Years
Shariah Structure: Wakala bil Istithmar
All RNS products operate on the Islamic financial model known as Wakala bil Istithmar. This refers to an investment agency contract where the investor (Muwakkil) appoints an agent (Wakeel) to invest funds on their behalf.
In this model:
- The Ministry of Finance acts as the Wakeel (agent), investing funds in approved, revenue-generating government projects.
- The investors (account holders) are the principals, represented by CDNS.
- Profits are shared based on actual earnings from these investments.
- If returns exceed the projected rate, the surplus may be granted to the agent as an incentive.
- In the event of losses, investors bear the risk, unless the loss occurs due to mismanagement or misconduct by the agent.
Sarwa Islamic Savings Account (SISA)
A flexible savings option designed for individuals seeking monthly Halal income.
| Feature | Details |
| Issuer | Ministry of Finance, Government of Pakistan |
| Eligibility | Pakistani Citizens and Overseas Pakistanis |
| Form | Account-based |
| Profit Distribution | Monthly (credited on the 1st of each month) |
| Premature Withdrawal | Allowed |
| Investment Currency | Pakistani Rupees |
| Minimum Investment | Rs. 100 |
| Maximum Investment | No upper limit |
| Profit Rate | For rates click here |
| Profit Calculation | Based on daily closing balance |
| Profit Compounding | Not applicable |
| Available At | All National Savings Centers |
Sarwa Islamic Term Account (SITA)
An ideal investment choice for individuals seeking fixed-term, Shariah-compliant returns. This product is available in three tenures: 1 year, 3 years, and 5 years.
| Feature | Details |
| Issuer | Ministry of Finance, Government of Pakistan |
| Eligibility | Individuals and Joint Account Holders |
| Tenures | 1 Year, 3 Years, 5 Years |
| Profit Distribution | 1 Year – On Maturity 3 Years – Biannual 5 Years – Monthly |
| Premature Withdrawal | Permitted; profit based on average SISA rate for completed months |
| Investment Currency | Pakistani Rupees |
| Minimum Investment | Rs. 50,000 |
| Maximum Investment | No limit |
| Profit Rate | For rates click here |
| Profit Compounding | Not allowed; profits credited to SISA |
| Available At | All National Savings Center |
Why Choose Rafa National Savings?
RNS is designed for those who wish to grow their wealth while adhering strictly to Islamic financial guidelines. Whether you’re a conservative investor, a practicing Muslim looking for Riba-free opportunities, or someone planning for a secure future, these products provide peace of mind and ethical financial growth.