PSX to Hold Auction of Rs. 100 Billion Sukuk on August 15

The management of PSX to hold 12th auction of Government Ijarah Sukuk on August 15, setting a target of raising a handsome fund of Rs. 100 billion. The Sukuk will be issued for the period of 1 year (fixed rate), 3 and 5 years (fixed and variable rate) by the Pakistan Domestic Sukuk Company Limited (PDSCL), a wholly owned subsidiary of Ministry of Finance, Government of Pakistan. 1-year Sukuk issue is fresh for (Rs. 20 billion), the 3-year (Rs. 40 billion) and 5-year Sukuk (Rs. 40 billion) (fixed and variable) are reopening of the past issues with the rental rate varying up to 15.8 percent. Meezan Bank Limited, Dubai Islamic Bank (Pakistan) Limited, Bank Islami Pakistan Limited, Bank Alfalah Limited will be jointed financial and sharia advisors. The face value of each Sukuk would be Rs 5,000, representing the ownership share in the Ijarah Asset. A single bid can be placed for Face Value of Rs 5,000 or any multiple of Rs 5,000. The eligible investors are Individuals, institutions, trusts, funds of all types, bodies corporate including banks, non-banking finance companies, insurance and Takaful companies irrespective of their residential status. RDA Customers, Non-resident Pakistani, Foreign Investors & International Islamic Banks & FIs. According to an estimate, the government has raised funds of nearly Rs. 700 billion through actions of Sukuks since the beginning of 2023 with impressive interest from the investors.