SBP opens GOP Sukuk auctions to non-bank investors

June 23, 2026 (MLN): The State Bank of Pakistan (SBP) has decided to include non-bank investors including corporates, funds, and individuals as eligible participants in outright purchase and sale auctions of GOP Sukuk, conducted on Bai-Muajjal basis.

As per the updated terms, non-bank investors will be allowed to participate by submitting pass-through or non-competitive bids through any Islamic Banking Institution (IBI) or Islamic Banking Branch (IBB), which will submit the relevant documents on their behalf.

For non-competitive bids in Bai-Muajjal auctions, IBIs/IBBs will submit bids bearing the investor's name, account title, and Sukuk amount without quoting a price, while non-bank investors must submit an undertaking and authorization form to the IBI/IBB prior to the auction.

Only a single bid per tenor will be permitted. Non-competitive bids are to be submitted one day before the competitive auction, or as per the auction schedule announced from time to time, and will be accepted at the uniform price determined through the competitive auction.

All other instructions issued under DMMD Circular No. 18 of 2015 shall remain unchanged.

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