PSX to hold Sukuk Auction on April 28

April 23, 2026 (MLN): The Pakistan Stock Exchange (PSX) has notified market participants of the upcoming primary market auction of Government of Pakistan (GoP) Sukuk instruments, scheduled to be held on April 28, 2026, through its auction system.

The auction will feature the 2nd GoP Hybrid Sukuk (GHS) offering with 3-year and 5-year fixed rental rate (FRR) fresh issues, alongside the 33rd GoP Ijarah Sukuk (GIS) auction comprising a 10-year fixed rate zero-coupon instrument (third re-opening).

The Hybrid Sukuk structure blends Ijarah Sale & Lease Back (SLB) and Commodity Murabaha transactions, with 55% of proceeds allocated to Ijarah SLB and 45% to Murabaha, reflecting a diversified Shariah-compliant financing model.

The issuance is being conducted by Pakistan Domestic Sukuk Company Limited on behalf of the Ministry of Finance. The government aims to raise PKR 250 billion, including PKR 100 billion each for the 3-year and 5-year Hybrid Sukuk, and PKR 50 billion for the 10-year Ijarah Sukuk.

All clearing members of National Clearing Company of Pakistan Limited, including broker and non-broker participants, are eligible to take part in the auction on behalf of proprietary accounts, investors, and managed funds.

The bidding window for both competitive and non-competitive bids will remain open from 10:00 a.m. to 12:00 p.m. on April 28, while settlement is scheduled for April 29.

Participants are required to deposit a 10% advance amount prior to the auction, where applicable, and complete investor mapping and cash assignment through the PSX auction system. Failure to comply with pre-auction requirements may result in disqualification from bidding.

The Sukuk instruments carry a minimum bid size of PKR 5,000, with no upper limit for competitive bids, while non-competitive bids are capped at 0.25% of the target amount or PKR 500 million, whichever is lower.

The issuance remains open to a wide investor base, including institutions, individuals, Roshan Digital Account holders, and foreign investors, reinforcing efforts to deepen Pakistan’s Islamic capital market and broaden investor participation.

The move comes as the government continues to rely on Sukuk instruments to mobilize Shariah-compliant financing and diversify its domestic debt profile.

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