The State Bank of Pakistan (SBP) has announced two auctions to purchase Government of Pakistan Ijara Sukuk through a deferred payment arrangement.
The central bank has set a combined target of Rs550 billion for the September and October auctions.
The Domestic Markets & Monetary Management Department issued the tender notice for Islamic banks and Islamic banking branches.
The auctions will follow the Bai Muajjal structure, which allows payment at a later date.
SBP Sets Rs150 Billion Sukuk Auction
The first auction will take place on September 30, 2026.
The government will deliver the Sukuk on October 1 under the auction schedule.
The issue carries the identification code PK05S0610266.
The Bai Muajjal arrangement will run for three years and mature on October 1, 2029.
The SBP has set a target of Rs150 billion for this auction.
Second Auction Targets Rs400 Billion
The second auction will take place on October 28, 2026.
The Sukuk delivery date will fall on October 29.
The issue carries the identification code PK05S2910268.
Like the first auction, the second issue will carry a three-year Bai Muajjal tenor.
Its maturity date will fall on October 29, 2029.
However, the second auction has a significantly larger target of Rs400 billion.
Together, both auctions will target Rs550 billion.
Islamic Banks Eligible to Participate
The SBP will accept tenders from all Islamic banks and Islamic banking branches.
The central bank issued the tender under the provisions of SBP-DMMD Circular No. 18, dated October 22, 2015.
Eligible institutions must submit their tenders by 1200 hours on the respective auction dates.
The SBP will communicate tender opening details through email.
It will also announce the auction results on the same day.
SBP to Share Bid Submission Details
The central bank will provide separate instructions for the auction dates.
These instructions will cover working arrangements and bid submission procedures.
The SBP will send the details through email to all participating Islamic banking institutions.
The two auctions will therefore give Islamic banks an opportunity to participate in government Sukuk transactions through the Bai Muajjal structure. With a combined target of Rs550 billion, the auctions also represent a significant upcoming transaction in Pakistan’s Islamic banking market.
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