Karachi: The Government of Pakistan's Ijarah Sukuk (GIS) will commence trading in the secondary market at the Pakistan Stock Exchange (PSX) on June 3, 2025. The GIS, issued through a primary market auction on May 29, 2025, with settlement on May 31, 2025, is now set to provide a new investment avenue for market participants.
According to the designated market category, the trading of these Sukuks will occur on the Jade Trading Terminal (JTT), a BnB-enabled platform. The options available include several fresh issues: a 1-year discounted Sukuk maturing on May 29, 2026, a 3-year Fixed Rental Rate (FRR) Sukuk maturing on May 30, 2028, and a 5-year FRR Sukuk maturing on May 30, 2030. Additionally, 10-year Fixed Rental Zero (FRZ) and Variable Rental Rate (VRR) Sukuks maturing on May 30, 2035, and a 5-year VRR Sukuk maturing on May 30, 2030, are available for trading.
Each Sukuk is designated with a specific symbol code, maturity date, and cut-off price and rental rate. For instance, the 1-year discounted Sukuk, symbol P01GIS290526, has a cut-off price of Rs. 90.7261 and a cut-off rental of 10.2499%. The 3-year FRR Sukuk, symbol P03FRR300528, is priced at Rs. 100.0000 with a rental rate of 10.8498%.
According to information available from the Pakistan Stock Exchange (PSX), the Sukuks have a face value of Rs. 5,000, with trades executed in multiples of this amount. The minimum buy and sell order quantity is set at 5,000, while the maximum is 5 billion, with a maximum order value capped at PKR 6 billion. The settlement cycle follows a T+1 structure for continuous auctions and T+0 for negotiated deals.
Market participants, including Non-Broker Clearing Members (NBCMs), are encouraged to utilize the NCSS Settlement Report and BnB Trade Log for verification. For trading assistance, entities can contact PSX, NCCPL, and CDC through the provided contact numbers.
The GIS listing is anticipated to bolster the debt securities market at PSX, offering a structured and regulated investment opportunity with defined rental returns over various maturities.