Karachi: The Pakistan Stock Exchange Limited (PSX) announced the schedule for upcoming auctions of the Government of Pakistan (GoP) Ijarah Sukuk (GIS), set to occur from April through June 2025. This announcement follows previous notices, including PSX Notice# PSX/ N-224 dated February 27, 2025, and the postponement notice PSX/ N-348 dated April 4, 2025.
According to the auction target calendar, the sales will encompass Short Term Sukuk and both Fixed and Variable Rental Rate Sukuk. The Short Term Sukuk auctions are scheduled for April 30, May 29, and June 25, with settlement dates on May 2, May 30, and June 26, respectively. The target auction size for these Sukuk is PKR 100 billion, with each auction aiming to procure PKR 40 billion, PKR 30 billion, and PKR 30 billion successively.
For the Fixed Rental Rate Sukuk, auctions will also be held on April 30, May 29, and June 25, with the same settlement dates as the Short Term Sukuk. The total target size for these auctions is PKR 120 billion, distributed equally among 3-year, 5-year, and 10-year tenors with PKR 30 billion, PKR 60 billion, and PKR 30 billion set for each respective auction.
The Variable Rental Rate Sukuk will match the Fixed Rental Rate Sukuk in auction and settlement dates, targeting a total of PKR 90 billion. The auctions will focus on 1-year, 3-year, 5-year, and 10-year tenors, with each tenor set at PKR 30 billion across the auction dates.
According to information available from the Pakistan Stock Exchange (PSX), the market will be notified of auction notices and further details prior to the auctions. These auctions play a crucial role in facilitating government financing requirements through Shariah-compliant instruments, providing an alternative to conventional financing methods.
The designated market category for these Sukuk auctions falls under Islamic finance instruments, which continue to gain traction among investors seeking Shariah-compliant investment avenues. The PSX continues to provide a structured and transparent platform for the issuance and trading of such financial instruments.