ISLAMABAD, Feb 18: The National Savings Organisation will launch a Shariah-compliant paper, an Islamic equivalent bond, by the end of this year.

The new Islamic product, now being finalised, will be in compliance with Sukuk whose securities are structured to comply with the Islamic law and its investment principles, which prohibits charging or paying of interest.

Zafar M Shaikh, Director-General, Central Directorate of National Savings, told newsmen that the organisation had achieved a net investment of Rs276 billion in eight months of the current fiscal year against the target of Rs224 billion for the whole year.

He said that the savings organization will hire at least 1500 experts before the end of current fiscal year for full automation of saving centres.

A new project costing Rs870 million is being submitted to the Planning Commission for approval.

Replying to a question, he said the Election Commission has given waiver to the savings organization to recruit IT staff to complete the automation project.

Referring to the issue of non-payment of remuneration to over 200 experts who were rendered unemployed and not paid salaries, Mr Zafar Shaikh explained that 205 experts who were engaged for an automation project would get their salaries up to February this year.

The project which was scheduled to complete in October last year had been extended to February this year.

The director-general disclosed that the national savings organization is making arrangements to hold draws of prize bonds itself instead of the State Bank.

From May this year, the organisation would itself hold the student bond draw to save half a million rupees which are given to State Bank as commission.