Pakistan holds the 24th auction of the Government of Pakistan's Hybrid Sukuk on Wednesday, 11 November 2026, through the Pakistan Stock Exchange (PSX) Auction System. The auction follows PSX Notice PSX/N-1232, dated 9 October 2026, issued on the advice of the Debt Management Office of the Ministry of Finance.

The Pakistan Domestic Sukuk Company Limited, a subsidiary of the Ministry of Finance, is targeting Rs25 billion each for the three-month and six-month Fixed Rate Return Sukuk. Issuance and settlement are scheduled for Thursday, 12 November 2026. The three-month Sukuk matures on 4 February 2027 and the six-month Sukuk on 13 May 2027, with the dates subject to extension if they fall on a public holiday.

How the hybrid Sukuk works

The hybrid structure combines Ijarah Sale and Lease Back, which accounts for 55 percent of the proceeds, with Commodity Murabaha, which accounts for 45 percent. The Sukuk are Shariah-compliant and tradable on the PSX, and each one represents an undivided share in a pool of assets made up of Ijarah assets and Commodity Murabaha receivables. The issuance is made under the Government of Pakistan Sukuk Rules 2008, as amended in 2023.

A regular part of government borrowing

The auction is part of the government's regular programme of raising funds through Islamic instruments rather than interest-bearing bonds. The previous auction in the series, the 23rd hybrid Sukuk auction, was held on 4 November 2026, covering three-year and five-year Fixed Rate Return Sukuk alongside a fresh issue of ten-year Ijarah Sukuk. The revised auction calendar published by the PSX sets out further hybrid and Ijarah Sukuk auctions through November and December 2026.