Govt to raise Rs750bn through Ijarah Sukuk Auctions
MG News | November 05, 2025 at 01:43 PM GMT+05:00
November 05, 2025 (MLN): The Pakistan Stock Exchange (PSX), in coordination with the Ministry of Finance’s Debt Management Office (DMO), has issued the auction calendar for Government of Pakistan Ijarah Sukuk (GIS) from November 2025 to January 2026, with a total target of Rs750 billion.
According to the schedule, the PSX will conduct Sukuk auctions on November 26, 2025, December 10, 2025, and January 7, 2026. The settlement dates will follow one day after each auction.
The issuance comprises three Sukuk categories: GIS-Discounted, GIS-Fixed Rental Rate, and GIS-Variable Rental Rate.
The government plans to raise Rs300bn each through GIS-Discounted and GIS-Fixed Rental Rate Sukuk, while Rs150bn will be mobilized through the GIS-Variable Rental Rate instrument.
As per the PSX notice, the 10-year Fixed Rental Rate Sukuk will be issued as a Zero-Coupon instrument, while the 5-year Variable Rental Rate Sukuk will be discontinued starting November 2025.
Auction Schedule and Targets
| GIS Type | Auction Dates | Settlement Dates | 1-Year (PKR bn) | 3-Year (PKR bn) | 5-Year (PKR bn) | 10-Year (PKR bn) | Total Target (PKR bn) |
|---|---|---|---|---|---|---|---|
| GIS – Discounted | Nov 26, 2025 Dec 10, 2025 Jan 7, 2026 | Nov 27, 2025 Dec 11, 2025 Jan 8, 2026 | 100 100 100 | – | – | – | 300 |
| GIS – Fixed Rental Rate | Nov 26, 2025 Dec 10, 2025 Jan 7, 2026 | Nov 27, 2025 Dec 11, 2025 Jan 8, 2026 | – | 25 25 25 | 50 50 50 | 25 25 25 | 300 |
| GIS – Variable Rental Rate | Nov 26, 2025 Dec 10, 2025 Jan 7, 2026 | Nov 27, 2025 Dec 11, 2025 Jan 8, 2026 | – | – | – | 50 50 50 | 150 |
| Total | 300 | 75 | 150 | 150 | 750 |
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