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Government Plans Rs. 30 Billion Ijarah Sukuk Auction at PSX Tomorrow

“Discover the latest financial move as the Government of Pakistan auctions Rs. 30 billion Ijarah Sukuk at the Pakistan Stock Exchange (PSX) tomorrow. Explore investment opportunities and market development with this groundbreaking event.”

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The Government of Pakistan is planning to sell a special type of bond called “1-year Ijarah Sukuk” to collect Rs. 30 billion at the Pakistan Stock Exchange on Friday, December 8, 2023. This is the first time they are doing this kind of auction at the main stock exchange. Before, it was the banks that used to do it.

The CEO of Topline Securities, Mohammed Sohail, said it’s a significant decision by the government. They hope to get Rs. 30 billion (which is about $105 million) by selling these Islamic bonds at a discount (zero coupon).

These bonds will be traded at the Pakistan Stock Exchange, and it’s expected to help the bond market in Pakistan grow. Now, even regular people who invest in stocks through brokers can buy these special bonds. The expected profit on these bonds, known as Sukuks, is between 20-22% in the auction on Friday.

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Many investors, both big institutions and regular people, are likely to take part in this auction. Around 200 stockbrokers and commercial banks on the main stock exchange are expected to buy and trade these bonds. Also, wealthy individuals might invest in these Islamic bonds through certain banks.

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