Karachi: In a pivotal move to boost economic instruments, the Pakistan Stock Exchange (PSX) has announced the forthcoming 13th auction of the Government of Pakistan Ijarah Sukuk (GIS), slated for September 16, 2024, targeting an ambitious financial mobilization. Eligibility for the auction extends to Broker Clearing Members, Non-Broker Clearing Members, and Professional Clearing Members associated with the National Clearing Company of Pakistan Limited (NCCPL), encompassing proprietary accounts, investors, and funds under management.
The auction will utilize participant admin user details as previously defined in the 12th auction without alterations, maintaining consistency in user credentials for a streamlined bidding process. Participants are expected to retain their registration details, including User IDs, Passwords, and PIN Codes as used in the previous auction held on August 15, 2024. Amendments to user details are permissible through specified PSX/NCCPL email addresses prior to the auction.
Participants are required to commit an instrument-wise 10% advanced cash amount by September 12, 2024, ensuring their eligibility for participation. The registered investors from the previous auction will continue in the auction system, with participants responsible for instrument mapping and cash assignment as applicable. The auction day will witness competitive and non-competitive bidding across seven instruments, including GIS variants with fixed and variable rental rates across multiple tenures.
This significant financial event, organized through the PSX Auction System, reflects a robust mechanism designed to enhance liquidity and investment opportunities within Pakistan's financial markets. According to information available from the Pakistan Stock Exchange (PSX), the auction is part of a broader strategic initiative to mobilize substantial capital through secure and attractive Islamic financial instruments, fostering economic growth and investment fluidity.
With the total target amount reaching up to PKR 200 billion across various instruments, the auction represents a critical step in leveraging financial tools to stabilize and stimulate the economic landscape. Key instruments include a 1-year GIS discounted at a face value of Rs.5,000, alongside 3, 5, and 10-year GIS with fixed and variable rental rates. The GIS auction sets a significant benchmark for future financial activities, projecting confidence in Pakistan's economic governance and investment potential.