The Ministry of Finance is preparing for an auction of sovereign Sukuk bonds, totaling Rs 100 billion at the Pakistan Stock Exchange (PSX) on January 23, 2024.
There will be five types of Sukuk bonds up for auction, with durations of 1, 3, and 5 years. These bonds are attractive to both individual and large-scale investors.
The Islamabad International Airport, valued at over Rs 203 billion, including its buildings, infrastructure, and land (spanning 26,313 Kanals and 4 Marlas), serves as the asset backing these bonds.
The auction includes a one-year fixed-rate Ijarah Sukuk, three-year Ijarah Sukuks in both fixed and variable rates, and five-year Ijarah Sukuks with similar options. The one-year Sukuk will be sold at a discount, while the three and five-year Sukuks will be sold at their full face value.
The rental rate for these Sukuks will be decided based on the auction’s outcome. Meezan Bank Limited, together with Dubai Islamic Bank, Bank Alfalah Islamic, and BankIslami Pakistan Limited, is advising on both the financial and Shariah aspects of this auction.
This auction follows a one-year Sukuk auction in December 2023, where the government raised Rs 30 billion, attracting subscriptions over 12 times the initial offering. This past success allowed the government to secure funds at a rate 3% below the policy rates. As a result, the government is now offering more Sukuk bonds at PSX to reduce borrowing costs.
The Security and Exchange Commission of Pakistan (SECP), the Central Depository Company of Pakistan Limited (NCCPL), and the PSX are working with the Ministry of Finance to facilitate this Sukuk launch.
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