Rafa National Savings (Islamic window of CDNS)

Well-cognizant of the need, CDNS is fully committed to structure and offer investment avenues which are fully
compliant to the principles of Sharia. As a first step towards the objective; and in view of the long outstanding desire
of general public to have a Sharia compliant investment avenue, CDNS has launched a dedicated Islamic window,
named as Rafa National Savings (RNS). RNS is being established to offer Sharia Compliant savings solutions to
public, thereby promoting interest (Riba) free savings and investments opportunities.

Rafa National Savings is a separate and independent Islamic window of CDNS. It works under the guidance of
Shariah board lead by esteemed and renowned members and governed by a robust Sharia governance framework.

Products offered by Rafa National Savings:

The following Shariah compliant products are being offered

1- Sarwa Islamic Savings Account (SISA)

2- Sarwa Islamic Term Account (SITA) – 1 year

3- Sarwa Islamic Term Account (SITA) – 3 years

4- Sarwa Islamic Term Account (SITA) – 5 years

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Product Features

Sarwa Islamic Savings Account (SISA):

Parameter Explanation Parameter Explanation

Issuer Ministry of Finance, Availability Yes

Government of Pakistan

Eligibility Individual, Joint Holders, Form Account-based

and Institutions
(Employees Funds only)

Tenors n/a Frequency of Profit Monthly. Profit for the month to be credited on 1st day of
Distribution next month

Office of Issue/ National Savings Centers Premature Permitted

Encashment Withdrawal

Currency of Pakistan Rupees Compounding of No

issue Profit

Profit On daily closing balance Investment Limit No Limit.

Calculation
Minimum Rs. 100

Sarwa Islamic Term Account (SITA)

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Parameter Explanation Parameter Explanation

Issuer Ministry of Finance, Government of Pakistan Form Account-based

Eligibility Individual, Joint Holders, and Institutions Tenures 1 year, 3 years, 5 years
(Employees Funds Only)

Frequency of 1 Year SITA - On Maturity Office of Issue/ National Savings Centers

Profit Encashment
3 Years SITA - Half Yearly
Distribution
5 Years SITA - Monthly

Currency of Pakistan Rupees Premature Permitted.

issue Encashment/
Withdrawal

Service On 5 Years Tenure Compounding of Not allowed. All profit

Charges profit payments to be credited
(Service Charges shall apply on Pre-mature
to SISA.
Withdrawal)

Profit As per investment amount Investment Limit: No upper limit, however

Calculation minimum Investment
Limit Rs. 50,000

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Sharia Board of RNS

A reputed Sharia Board has been constituted to ensure complete Sharia Compliance of the on-going operations of
RNS and its offerings. Brief profiles of the esteemed members of Shariah Board have been given below:

DR. IMRAN ASHRAF USMANI

Chairman Shariah Board

Dr. Mufti Muhammad Imran Ashraf Usmani, son of Justice (Retd.) Mufti Muhammad Taqi Usmani, graduated with
specialisation in Islamic Fiqh (Islamic jurisprudence) from Jamia Darul Uloom, Karachi, where he has been teaching
Fiqh since 1990. He also holds an LL.B. and Ph.D. in Islamic finance. He is a member of the administration board of
Jamia Darul Uloom, Karachi.

Presently Dr. Imran Usmani is the Group Head and Vice Chairman of Shariah Board at Meezan Bank and oversees
research and product development of Islamic banking products, advisory for Shariah-compliant banking and
supervision of Shariah Audit & Compliance. He is also the President and CEO of Usmani & Co. Pvt. Ltd. that provides
full suite of Islamic finance consultancy, Shariah advisory and related ancillary services to local and international
clients across all legal jurisdictions and financial and non-financial sectors. He is serving in ICFAL-Australia, The
Zeal-Canada and USA, Astana International Financial Centre-Kazakhstan, Sarasin Bank Switzerland, Amanah Bank-
SriLanka, Guidance Financial Group USA, Nafa Mutual Fund, Al Meezan Investment and other mutual and property
funds, Takaful companies and international Sukuk, etc.

Dr. Imran Usmani has been engaged with the Government of Pakistan in various initiatives and is also a member of
the Steering Committee and implementation committee for promotion of Islamic banking since 2013. He has served
as an advisor/member of Shariah Boards of several renowned institutions in various jurisdictions since 1997 including
the State Bank of Pakistan, Takaful Pakistan Ltd, Pakistan Mercantile Association, HSBC-Amanah Finance, UBS-
Switzerland, Lloyds TSB Bank-UK, Japan Bank for International Cooperation (JABIC), Credit Suisse Switzerland,
Royal Bank of Scotland Global, Old Mutual Albarakah Equity & Balanced Funds South Africa, AIG Takaful, ACR
ReTakaful Malaysia, Premier Takaful Pakistan, Capitas Group USA, Bank of London and Middle East Kuwait, BMI
Bank Bahrain, Al Khaliji Bank Qatar, AIFA Amana Islamic Finance Australia, DCD Group Dubai, Acumen Fund,
Swip Sicave Fund, Old Mutual AlBarakah fund and other mutual and property funds, Takaful companies and
international Sukuk, etc.

He also is serving as an Executive Committee Member of AAOIFI (Dubai), Shariah Supervisory Board of
International Islamic Financial Market (IIFM) Bahrain and Academic Board at Institute of Business Administration
(IBA)-Centre for Excellence in Islamic Finance (CEIF), Karachi and Director at Centre for Islamic Economics (CIE),
Hira Foundation School and Hira Institute of Emerging Sciences, Karachi.

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MUFTI IRSHAD AHMAD AIJAZ
Sharia Board Member

Mufti Irshad Ahmad Aijaz is graduated from Jamiat-ul-Uloom Islamiyyah, Binnori Town, Karachi and obtained his
Shahadat-ul-Aalamia (Masters in Arabic and Islamic Studies) from there. Afterwards, he completed his Takhassus fil-
Iftaa (Specialization in Islamic Jurisprudence and Fatwa) from Jamia Dar-ul-Uloom, Karachi. He has also completed
his MBA program from a leading private university in Karachi, Pakistan.

He currently holds advisory position in following Institutions/ Committees:

 Chairman, Shariah Advisory Committee of State Bank of Pakistan

 Chairman, Shariah Advisory Committee of Securities and Exchange Commission of Pakistan (SECP).
 Member, AAOIFI Shariah Standard Committee – Karachi
 Member, AAOIFI Ethics Committee
 Member, Sub-committee on Legal and Regulatory Framework by Ministry of Finance, Government of Pakistan
 Member, Working Group on Islamic Alternatives for Liquidity Management, by State Bank of Pakistan
 Consultant, Shariah Review Bureau – Bahrain
 Member, ICAP- Committee on Accounting & Auditing Standards for Interest Free Modes of Financing and
Investments
 Member of Shariah Board in different Islamic Financial Institutions

He is actively involved in providing consultation for development of policies and regulations for regulatory authorities
and different Islamic financial institutions. He also regularly delivers lectures on Islamic Economics and Finance at
different forums and educational institutions including National Institute of Banking and Finance (State Bank of
Pakistan) and Centre for Islamic Economics (a division of Jamia Dar-ul-Uloom, Karachi).

MIAN MUHAMMAD NAZIR

Sharia Board Member

Mian Nazir currently heads the Internal Sharia Control Department of Dubai Islamic Bank PJSC the world’s first and second
largest Islamic bank and is considered as the leading expert across the global Islamic banking and finance industry. Mian Nazir
has unique expertise in the fields of banking, corporate finance, legal and Sharia and has pioneered the Islamic banking and
finance consulting and advisory sector in the UAE through landmark achievements in Islamic product development, structuring
and Sharia advisory services across all facets of Islamic banking and Takaful industry. Supervised the structuring and closing of
various ground-breaking Islamic finance transactions (Sukuk, securitization, corporate finance, project financing, asset
financing, infrastructure financing, etc.) over the past 19 years.

Mian Nazir is acknowledged as an authority on Islamic banking and finance and is a member of Sharia governance boards and
technical committees of various Islamic Financial institutions and regulators in the GCC, South Asia and East Africa.

Mian Nazir also served as Chief Operating Officer of Dar Al Sharia from 2008 to 2016 and CEO from 2017 to 2021 and currently,
as Senior Advisor to the Board of Dar Al Sharia.

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Prior to joining DIB Group, Mian was the Director, Legal & Regulatory affairs at Pakistan Telecommunication
Authority and Legal Advisor to Dallah Albaraka Group, Kingdom of Saudi Arabia.
Mian Nazir holds Master of laws from University of Cambridge, United Kingdom, B.A. and LL.B (Hons) Sharia & Law
(Gold Medal and Distinction) from International Islamic University Pakistan and has attended various leadership
development programs, extensive academic and professional qualification programme at leading business schools
and institutions.

MUFTI MUHAMMAD HASSAAN KALEEM

Sharia Board Member

Mufti Hassaan currently serves as the Sharia Board Member of Dubai Islamic Bank Pakistan Limited. He has a
vast experience in matters of Sharia teachings and advisory. Furthermore, he has been teaching various courses
in Islamic Studies and Arabic at Dar-ul-Uloom Karachi for the last 20 years. He is a faculty member of Jamia
Darul-ul-Uloom Karachi, former Chairman Sharia Board of Securities & Exchange Commission of Pakistan
(SECP), Chairman Sharia Board of Pak Qatar Takaful, Sharia Advisor of Adamjee and State life Insurance
(Window Takaful), Sharia Consultant for Deloitte (Global Islamic Finance Team) and Sharia Council Member
of Al-Ameen UBL Funds.

In addition, he is also a Sharia Board Member of Hannover Re Takaful - Bahrain, Sharia Board Member of
Takaful Emarat - UAE, Sharia Board Member of Amana Bank Limited - Sri Lanka, permanent faculty member
of Center for Islamic Economics - Karachi, Member of a subcommittee of Sharia Standards at Accounting and
Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain.

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