The management of the Pakistan Stock Exchange (PSX) notified that the 3rd auction for 05 GoP Ijarah Sukuk (GIS) will be conducted on February 20, 2024, through the PSX Auction System to raise a target amount of Rs. 150 billion.
The government has planned to aggressively raise funds through PSX.
It also floated two Sukuk issues in the first two months and received a good response from the investors. Now, it plans to raise 5 Sukuk issues each worth Rs. 30 billion for the period of 1, 3, and 5 years.
These Sukuks will be issued against the assert identified by Pakistan Domestic Sukuk Company Limited. In Pakistan, Sukuks of more than Rs. 5 trillion have been issued by the government through the State Bank of Pakistan (SBP) and the Pakistan Stock Exchange (PSX).
According to the notification, all Broker Clearing Members (BCMs), Non-Broker Clearing Members (NBCMs), and Professional Clearing Members (PCM) of National Clearing Company of Pakistan Limited (NCCPL) are eligible to participate in the Auction for their proprietary accounts, investors and funds under their management.
However, participants are required to provide instrument-wise 10 percent advance committed amount to PSX/NCCPL
