Karachi January 10 2024: The Government of Pakistan aims to generate PKR 400 billion over the next three months by issuing Islamic bonds on the Pakistan Stock Exchange.
This funding initiative includes raising PKR 100 billion through GOP Ijarah Sukuk with a 12-month tenure, PKR 150 billion through GOP Ijarah Sukuk at a fixed rate, and PKR 150 billion through GOP Ijarah Sukuk with a floating rate.
The initial auction for the government’s one-year Ijarah Sukuk, conducted on December 8, 2023, at the Pakistan Stock Exchange, was remarkably successful. It marked a significant milestone in the GDS fundraising efforts. The auction surpassed its PKR 30 billion Sukuk target, with accepted bids totaling PKR 36.068 billion. The total bids received amounted to a substantial PKR 481.307 billion.
Further auctions are scheduled following the Auction Target Calendar from January 2024 to March 2024.
