Karachi: National Refinery Limited has announced the successful issuance of a Rated, Unsecured, Privately Placed Short-Term Sukuk, amounting to PKR 10.00 billion. According to a report dated July 30, 2026, this financial instrument marks the company's initial venture into capital-market debt instruments as an alternative source to fund its working capital needs. The Sukuk is set for a tenor of six months and is priced at the 3-month KIBOR minus 10 basis points per annum, with an A1 rating assigned by the Pakistan Credit Rating Agency (PACRA).

The issuance follows the regulatory framework as stipulated in Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the Pakistan Stock Exchange Regulations. According to information available from the Pakistan Stock Exchange (PSX), this strategic move by National Refinery Limited is a significant step in diversifying its financial sources and enhancing its liquidity position.

The initiative underscores the company's commitment to maintaining robust financial health while seeking innovative financing solutions. The decision to opt for a Sukuk issuance reflects a broader trend among corporations to leverage Islamic finance instruments for capital requirements.