SBP to conduct Rs275bn GoP Ijara Sukuk auction on Bai Muajjal basis

November 10, 2025 (MLN): The State Bank of Pakistan's Domestic Markets & Monetary Management Department has shared an auction tender for the outright purchase of Government of Pakistan Ijara Sukuk on a Bai Muajjal (deferred payment) basis from all Islamic Banks and Islamic Banking Branches, with a target of Rs275bn.

Auction Details

Total Target: Rs275 Billion

Process Timeline

This auction represents the government's procurement of Sharia-compliant financing through Ijara Sukuk instruments on a Bai Muajjal basis.

Bai Muajjal is an Islamic financing arrangement where payment is deferred to a future date, making it compliant with Islamic banking principles that prohibit interest-based transactions.

The State Bank is targeting Rs275bn across two separate auctions scheduled for late November and late December 2025.

The auction involves GIS-VRR-22 and GIS-VRR-27 issues, both with three-year tenors maturing in December 2028.

Working arrangements and bid submission details for each auction date will be communicated through separate emails to all participating Islamic Banks and Islamic Banking Branches. The State Bank reserves the right to reject bids without providing any reason, maintaining flexibility in its debt management operations.

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