Bai' Muajjal sale raises over Rs47bn for govt

October 09, 2025 (MLN): The Government of Pakistan (GoP) successfully transacted Ijarah Sukuk (GIS) valued at Rs47.225 billion in a recent Bai' Muajjal auction.

The Pakistan Stock Exchange (PSX) announced the results of the auction held on October 8, 2025, which involved the outright purchase of the 1-Year GIS Discounted instrument by the Government on a deferred payment (Bai' Muajjal) basis.

This transaction is a key part of the GoP's strategy for effective debt management and liquidity control.

The total amount of Sukuk offered, measured at face value, was Rs61.975bn. The successful acceptance of Rs47.225bn indicates strong participation from market participants.

For the accepted securities, the deferred payment amount (Bai' Muajjal Amount) that the government is committed to paying upon maturity on April 9, 2026, totals Rs49.56bn.

The cut-off deferred price was set at 104.96.

This 182-day Bai' Muajjal transaction, which involves the government repurchasing its own Sukuk with a commitment to a higher payment later, provides short-term financing to the government while maintaining compliance with Shariah principles.

The details of the Bai' Muajjal Auction for the 1-Year GIS Discounted Instrument are summarized below:

Summary of Bai' Muajjal auction results

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