Karachi: The Pakistan Stock Exchange Limited (PSX) has announced the implementation of the first Bai’ Muajjal auction for Government of Pakistan (GoP) Ijarah Sukuk, in collaboration with the Debt Management Office of the Ministry of Finance, National Clearing Company of Pakistan Limited (NCCPL), and Central Depository Company of Pakistan Limited (CDC). Scheduled for Wednesday, October 8, 2025, the auction aims to facilitate wider participation in Shariah-compliant financing through the GIS Primary Market.
The Bai’ Muajjal auction, exclusively open to Commercial Banks, Islamic Banks, and Mutual Funds, will take place from 11:00 a.m. to 12:00 p.m. on the designated day. According to information available from the Pakistan Stock Exchange (PSX), the auction will handle 1-Year GIS Discounted instruments maturing on October 20, 2025. Eligible participants must register their expression of interest via email to PSX and NCCPL, specifying “Bai’ Muajjal Auction Setup.”
Only competitive bids-for-sell will be accepted, with a minimum bid size set at Rs. 25 million and in multiples thereof. The per Sukuk value is determined at Rs. 5,000. The auction system mandates that participants ensure the exact Bid-for-sell amount of Sukuk aligns with their CDC Account balance to avoid settlement failures.
The Bai’ Muajjal auction employs a single cut-off price allocation method. Successful bidders will be informed via email, with results available on the GIS webpage of the PSX website. Settlement is scheduled for Thursday, October 9, 2025, between 9:00 a.m. and 12:00 p.m., requiring successful participants to transfer the exact face value of Sukuk into the Ministry of Finance’s CDC IAS account.
This auction, with a target amount of PKR 60 billion, introduces the Bai’ Muajjal instrument coded BMD01 – 090426, with a maturity date of April 9, 2026. The new instrument is non-tradable and non-transferable but SLR eligible. The initiative is part of ongoing enhancements to the GIS Primary Market, promoting Shariah-compliant financial activities in the designated market category.