Pakistan held its 22nd Government of Pakistan (GoP) hybrid sukuk auction on Wednesday, 28 October 2026, through the Pakistan Stock Exchange (PSX) auction system, with settlement of the auction amount scheduled for Thursday, 29 October. The auction is part of the government's regular programme of raising funds through Shariah-compliant securities, and it follows the revised auction calendar issued by the exchange on the advice of the Finance Ministry's Debt Management Office, which lists 28 October as the auction date and 29 October as the settlement date.

How the hybrid instrument is structured

The hybrid sukuk combines two Islamic finance structures, with 55% of proceeds directed towards Ijarah sale-and-lease-back arrangements and 45% towards commodity Murabaha transactions, according to the PSX announcement reported by Pakistan Company News. The auction ran from 10:00 a.m. to 12:00 p.m. on 28 October. Market participants had been asked to communicate their expression of interest and submit a 10% advance cash amount between 21 and 27 October, with registration of participants and instrument assignment taking place during the same period. Eligible participants included clearing members of the National Clearing Company of Pakistan, acting for their own accounts or on behalf of investors and funds under management.

What happens next for investors

The operational arrangements for the auction were kept consistent with those used for GoP Ijarah Sukuk auctions, the announcement said. The auction shows continued investor participation in government Islamic securities and sets the settlement timetable. The PSX calendar also lists further hybrid sukuk auctions in November and December 2026, so the 28 October sale sits within a continuing issuance programme rather than as a one-off event. As with any investment, the published auction terms, rather than any summary, remain the authoritative record for participants.

Sources: Pakistan Company News, Pakistan Stock Exchange auction calendar.