Karachi: Trading in the Government of Pakistan Ijarah Sukuk (GIS) is set to resume, as announced in a notification to market participants, after a suspension announced earlier this month. This development comes in relation to the 3, 5, and 10-year Fixed Rental Rate (FRR) and Variable Rental Rate (VRR) GIS, initially issued on September 18, 2024. The trading will recommence on Wednesday, March 18, 2026.

The resumption of trading includes alterations in the profit rates for the Variable Rental Rate instruments. These changes are poised to affect the market dynamics as the instruments will now be traded based on the revised net profit rates applicable until September 18, 2026. The adjustments are as follows:

For the 3-Year Variable Rental Rate (P03VRR180927), the net profit rate will be adjusted from the current 10.5260% to 10.8885%, representing a big move. The 5-Year Variable Rental Rate (P05VRR180929) will change from 10.6960% to 11.0585%, also indicating a big move. Meanwhile, the 10-Year Variable Rental Rate (P10VRR180934) will see its net profit rate increase from 10.8260% to 11.1885%, reflecting a moderate move.

According to information available from the Pakistan Stock Exchange (PSX), the latest 6-month weighted average yield, as of March 16, 2026, stands at 11.1885% for all the mentioned VRR instruments. The spread adjustments range from -30.00 basis points for the 3-year to 0.00 basis points for the 10-year.

These changes are in response to the prevailing market conditions and are aimed at ensuring that the GIS instruments remain competitive and attractive to investors. Market participants have been requested to take note of these revisions and adjust their strategies accordingly.