PSX Raises Over Rs1 Trillion Through GoP Ijarah Sukuk

APP

Islamabad:  The Pakistan Stock Exchange (PSX) has achieved a major milestone by surpassing the Rs 1 trillion mark through the issuance of Government of Pakistan (GoP) Ijarah Sukuk (GIS).

This achievement was announced after the successful conclusion of the 13th GIS auction on September 16, 2024, which raised an additional Rs 207 billion for the Ministry of Finance (MoF).

The GIS auctions, which began on December 8, 2023, have seen active participation from banks, mutual funds, and brokerage firms. 

These auctions have contributed significantly to the growth of the Shariah-compliant Government Securities market.

PSX has played a key role in facilitating GIS through its advanced auction system and has supported the entire lifecycle of the Sukuk, from issuance to maturity.

PSX’s unique position in offering primary issuance of Government Debt has enabled the GoP to raise substantial funds through Capital Market Infrastructure Institutions (CMIIs).

A key factor in the success of GIS has been the diversity of Sukuk offerings, including discounted, fixed, and variable rate instruments, available in 1-year, 3-year, 5-year, and 10-year tenors.

The exchange also hosts an efficient secondary market for GIS, focusing on enhancing liquidity and market depth, thus increasing investor participation.

Nadeem Naqvi, Acting CEO of PSX, highlighted the significance of this achievement, attributing it to the trust placed by investors and the commitment of PSX to innovation and market infrastructure.