Govt accepts Rs38bn face value in GoP Ijarah Sukuk Outright Purchase

June 23, 2026 (MLN): The State Bank of Pakistan (SBP) conducted an auction for the outright purchase of Government of Pakistan Ijarah Sukuk (GIS) on a deferred payment (Bai Muajjal) basis, with a sukuk delivery date of June 24, 2026.

The government successfully accepted Rs38.4bn in face value terms across three different tenors, translating to a total deferred Bai Muajjal value of Rs56.135bn.

Bids Received

Tenders for the outright purchase of the GIS FRR-24 issue were invited through primary dealers on a deferred payment basis, with bids received across 183-day, 365-day, and 1,096-day tenors.

Total face value offers received across all tenors amounted to Rs270.050bn.

The long-term 1,096-day tenor attracted the overwhelming majority of participation at Rs257.550bn, followed by Rs7.5bn in the 183-day tenor, and Rs5bn in the 365-day tenor.

Summary of Bids Received — GoP Ijarah Sukuk (Bai Muajjal)

Auction Results & Acceptance

Out of the total competitive offers, the government accepted a total face value of Rs38.4bn.

The 1,096-day tenor led the acceptance volume with Rs30.4bn in face value taken at a cut-off deferred price of 153.23, resulting in a deferred Bai Muajjal amount of Rs46.582bn.

The 365-day tenor was fully accepted at Rs5bn with a cut-off deferred price of 121.82 (Bai Muajjal amount of Rs6.091bn).

Meanwhile, the 183-day tenor saw Rs3bn accepted at a cut-off deferred price of 115.39, translating to a Bai Muajjal amount of Rs3.462bn.

Auction Acceptance Results — GoP Ijarah Sukuk (Bai Muajjal)

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