Karachi: The Pakistan Stock Exchange (PSX) has announced a revised auction calendar for the issuance of Government of Pakistan (GoP) Hybrid Sukuk (GHS) and GoP Ijarah Sukuk (GIS) for the period from September to November 2026. This announcement follows the directive issued by the Debt Management Office of the Ministry of Finance. According to information available from the Pakistan Stock Exchange (PSX), the auction schedule has been updated to include specific targets for each auction date and settlement period.

The revised calendar outlines the auction targets for both discounted and variable rental rate Sukuk, as well as fixed rental rate Sukuk. The auctions for the GoP Hybrid Sukuk (GHS) are set to take place on multiple dates, beginning on September 16, 2026, and concluding on November 25, 2026. The target auction sizes vary, with the largest target set at 300 billion PKR for several dates in September and October. The total target for the GoP Hybrid Sukuk over this period is 1.40 trillion PKR.

In addition, the auction schedule for the GoP Ijarah Sukuk (GIS) includes three dates: September 18, October 7, and November 4, 2026. The total auction size for the GoP Ijarah Sukuk is set at 400 billion PKR. Notably, the issuance of the 10-year Fixed Rate Zero Coupon Sukuk will follow an Ijarah structure.

The PSX notice, numbered PSX/N-989, dated August 10, 2026, initially informed market participants of the revisions. The updates aim to provide clarity and structure to the Sukuk issuance process, ensuring that market dynamics are efficiently managed during the specified period. Market participants have been advised that additional auction notices and relevant details will be communicated prior to each auction.