Karachi: In a recent notice, the Pakistan Stock Exchange Limited (PSX) has announced the revised auction calendar for the Government of Pakistan Ijarah Sukuk (GIS) for January 2026. This update follows PSX Notice# PSX/ N-1341, dated December 10, 2025, and has been advised by the Debt Management Office (DMO) of the Ministry of Finance.

The upcoming auction will take place on January 21, 2026, with settlement set for the following day, January 22, 2026. The designated market category for this auction includes Short Term Sukuk, GIS with fixed rental rates, and GIS with variable rental rates. The target auction sizes are as follows: 100 billion PKR for the Short Term Sukuk – GIS – Discounted, 150 billion PKR for GIS – Fixed Rental Rate, and 50 billion PKR for GIS – Variable Rental Rate.

According to information available from the Pakistan Stock Exchange (PSX), the auction will offer specific investment tenors. For the Short Term Sukuk – GIS – Discounted, a 1-year tenor has been set with the entire target auction size of 100 billion PKR. GIS – Fixed Rental Rate will have tenors of 3 years, 5 years, and 10 years, each with targets of 50 billion PKR, summing up to a total of 150 billion PKR. The GIS – Variable Rental Rate is planned for a 10-year tenor with a target auction size of 50 billion PKR.

Importantly, the 10-year GIS-Fixed Rental Rate will be a Zero-Coupon instrument, marking it as a new issue format starting January 2026. The PSX will notify market participants of auction notices and additional relevant details ahead of the auction date, ensuring all stakeholders are adequately informed.

This auction is set to play a crucial role in the management of government debt, providing an opportunity for investors to engage with Pakistan’s debt market through these Islamic financial instruments.