National Savings (Rafa Islamic Window) Sarwa Islamic Savings Account (SISA)

Why It's Halal

SISA's claim rests on a federal legal framework rather than published contract mechanics: it operates under the Sarwa Islamic Savings Account Rules 2019, approved by the federal cabinet, inside Rafa National Savings - described by CDNS as 'a separate and independent Islamic window' created 'to offer Sharia Compliant savings solutions... thereby promoting interest (Riba) free savings,' with a supervisory Shariah board of 'renowned scholars' appointed per launch coverage in Dawn. Profit is an expected rate revised administratively by the Finance Division - 11.88% under the SRO effective June 10, 2026, then 11.10% per the site ticker of July 18, 2026 - the dated, documented trail of a real profit-rate regime rather than a fixed interest promise. What the public record does not contain matters just as much, and savers deserve it plainly: the names of the Shariah board members are published nowhere on savings.gov.pk ('led by esteemed and renowned members' is the entire disclosure); the underlying pool structure - what assets your deposit finances and under what contract - is not disclosed on the public site, so we cannot label this Mudarabah, Wakalah, or anything else; and the current rate notification exists only as an image scan inside a .docx, with the homepage ticker as the sole machine-readable statement. For a saver whose alternative is a conventional NSS account at explicit interest, SISA is the clearly better choice with sovereign convenience; for one who wants verifiable mechanics, an Islamic bank's published-weightage Mudarabah account is the more documented path.