GoP Hybrid Sukuk marked a milestone for Pakistan’s capital market as the Ministry of Finance launched the country’s first short-term Government of Pakistan Hybrid Sukuk.
The Ministry of Finance completed the issuance on 22 July 2026 in collaboration with the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), joint financial advisors and the country’s capital market infrastructure institutions.
The inaugural issuance introduced three-month and six-month Shariah-compliant Sukuk backed by the Government of Pakistan.
Officials said the new instruments expand investment options for investors. They also support liquidity management within the Islamic financial system and strengthen Pakistan’s domestic Shariah-compliant debt market.
The government also introduced a Non-Uniform Pricing allocation method. The new system aims to improve transparency, strengthen price discovery and provide investors with broader investment opportunities across all Government of Pakistan Sukuk issuances.
The Pakistan Stock Exchange (PSX) raised PKR 239.325 billion through the inaugural auction.
Investors submitted bids worth PKR 770.234 billion in face value, equal to PKR 741.287 billion in realised value. The strong response reflected robust demand for Shariah-compliant government securities.
The Ministry of Finance accepted approximately 32% of the total realised value of bids across four tenors.
The government accepted PKR 162.796 billion through the three-month, six-month and one-year discounted Sukuk.
The 10-year Variable Rental Rate (VRR) Sukuk accounted for PKR 76.529 billion. The instrument carries a reference coupon rate of 11.3904%.
The auction produced the following cut-off yields:
The Pakistan Stock Exchange congratulated all stakeholders on the successful issuance.
PSX said it remains committed to expanding Shariah-compliant investment products and strengthening Pakistan’s Islamic financial ecosystem.
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