SBP to purchase GoP Ijara Sukuk worth Rs550bn on Bai Muajjal basis

The State Bank of Pakistan has issued a tender notice seeking to acquire GoP Ijara Sukuk outright on a deferred payment, or Bai Muajjal, basis, Mettis Global reported. Two auctions are planned, one in September and one in October, with a combined target of Rs550 billion. Only Islamic banks and Islamic banking branches are eligible to bid in the tender.

The first auction, on September 30, covers GIS issue PK05S0610266, a three-year Bai Muajjal tenor maturing October 1, 2029, with a Rs150 billion target. The second, on October 28, seeks Rs400 billion under PK05S2910268, which matures October 29, 2029. Delivery of the sukuk is set for October 1 and October 29 respectively.

Tenders will be accepted up to 1200 hours on each auction date, with results declared the same day. Bid submission details and opening arrangements will reach Islamic banking institutions through a separate email. The notice was issued under SBP circular No. 18 of October 22, 2015, from the Domestic Markets and Monetary Management Department.