The government has accepted Rs22.85 billion in face value of Government of Pakistan Ijara Sukuk through an outright purchase auction conducted on a deferred payment basis, according to results released by the State Bank of Pakistan on October 28, 2026.
What happened?
The Bai Muajjal auction, held on October 27, drew offers worth Rs170.29 billion in face value. Against those offers, the government accepted Rs22.85 billion, or about 13.4 per cent of the amount offered, with a deferred payment amount of Rs34.63 billion.
Key details
- The accepted transaction carries a cut-off deferred price of Rs151.55 per Rs100 of face value.
- The auction covered GIS issue PK05S2910268, with a Bai Muajjal tenor of 1,096 days, or roughly three years.
- Offered deferred prices ranged from Rs150.63 to Rs155.66 per Rs100 of face value.
- No non-competitive bids were reported in the auction.
- According to the State Bank, the Sukuk delivery date was October 28, 2026.
- Under a Bai Muajjal arrangement, the government purchases Sukuk on a deferred payment basis, with the agreed payment amount payable at a future date.
What it means for people in Pakistan
For savers and Islamic banks, the auction shows continued demand for Shariah-compliant government paper, with bids far exceeding what the government chose to accept. For the wider economy, deferred-payment Sukuk help the government raise funds without interest-based borrowing, while the gap between the face value accepted and the deferred payment due illustrates the cost of stretching repayment over three years.
Source: https://profit.pakistantoday.com.pk/2026/10/28/govt-accepts-rs2285-billion-in-ijara-sukuk-under-bai-muajjal-auction
