Karachi: All market participants are being informed of the upcoming 17th Government of Pakistan (GoP) Hybrid Sukuk (GHS) auction, which will be conducted on Wednesday, September 16, 2026, through the Pakistan Stock Exchange (PSX) Auction System. This auction involves a structure comprised of Ijarah Sale & Lease Back (Ijarah SLB) and Commodity Murabaha transactions, allocating 55% of proceeds to Ijarah SLB and 45% to Commodity Murabaha.
Eligible participants for the auction include Broker Clearing Members (BCMS), Non-Broker Clearing Members (NBCMs), and Professional Clearing Members (PCM) of the National Clearing Company of Pakistan Limited (NCCPL). These participants are required to follow a detailed procedure for participation, which includes expressing interest and submitting advance cash amounts. According to information available from the Pakistan Stock Exchange (PSX), all operational modalities remain the same for GHS and GIS auctions.
The target size for this issuance is set at 25 billion Pakistani Rupees for both 3-month and 6-month Fixed Rate Return (FRR) GOP Hybrid Sukuk, with an issue date of September 17, 2026. The maturity dates are December 10, 2026, for the 3-month Sukuk, and March 18, 2027, for the 6-month Sukuk. The transaction structure has been approved by a Shariah Advisor and details are published separately.
The auction will follow a "pay as you bid" methodology, with successful bids requiring investment according to individual bid prices. These Sukuk will be tradable on the PSX and will be listed as 100% Statutory Liquidity Requirement (SLR) eligible instruments for all eligible investors. The Sukuk issuance is advised by Meezan Bank Limited, Dubai Islamic Bank (Pakistan) Limited, Bank Islami Pakistan Limited, and Bank Alfalah Limited.
Eligible investors, as defined by Government of Pakistan Sukuk Rules 2008 and as amended in 2023, include individuals, institutions, trusts, funds, banks, non-banking finance companies, insurance and Takaful companies, and more. All bids must be submitted by the specified deadlines, and PSX will notify successful bidders. The Ministry of Finance reserves the right to reject bids without providing a reason.