Karachi: The Government of Pakistan's Ijarah Sukuk (GIS) is set to commence trading on the secondary market through the Pakistan Stock Exchange (PSX) starting Friday, October 17, 2025. This follows the primary market auction held on October 14, 2025, and the subsequent settlement on October 15, 2025.

The GIS will be traded using the Jade Trading Terminal (JTT), a BnB Enabled Terminal, allowing for efficient transactions. Two types of GIS instruments will be available: the 1-Year GIS Discounted with a maturity date of October 14, 2026, and the 10-Year FRR GIS Zero Coupon maturing on October 15, 2035. The cut-off prices for these instruments are set at Rs. 90.5786 and Rs. 32.6320, respectively, with cut-off rental rates of 10.4299% and 11.8499%.

According to information available from the Pakistan Stock Exchange (PSX), the trading modality involves a continuous auction system and a negotiated deals market, with different settlement cycles of T+1 and T+0 (instant) for each. The National Clearing Company of Pakistan Limited (NCCPL) will oversee the clearing, settlement, and risk management, while the Central Depository Company of Pakistan Limited (CDC) will handle custody.

The GIS instruments have a face value of Rs. 5,000, and transactions must be conducted in multiples of this amount. The minimum and maximum order quantities are set at 5,000 and 5,000,000,000, respectively, with a maximum order value of PKR 6.00 billion. The trading system will utilize a price tick of 0.0001 and circuit breakers ranging from 0.0001 to 400.0000.

Market participants are encouraged to access the NCSS Settlement Report and BnB Trade Log for verification purposes. For further assistance, they can contact the Pakistan Stock Exchange, the National Clearing Company of Pakistan Limited, or the Central Depository Company of Pakistan Limited through the provided contact numbers.