The Pakistan Stock Exchange (PSX) has successfully raised Rs76.29 billion for the Ministry of Finance through the 6th auction of the Government of Pakistan Hybrid Sukuk (GHS) held on May 20, 2026.
Meezan Bank played a leading role as the Joint Financial Advisor in structuring and executing the transaction. The auction witnessed strong investor participation, with total bids reaching Rs262.197 billion in face value, while the realized value stood at Rs254.593 billion.
The cut-off rate for the one-year fixed rate discounted Sukuk was set at 12.4880%, while the 10-year Variable Rental Rate Sukuk had a cut-off rental rate of 11.8569% (a spread of 0.4884% over the reference rate of 11.3685%).
This successful issuance highlights growing investor confidence in Shariah-compliant government instruments. The Hybrid Sukuk programme has become an important tool for the government to diversify its funding sources, broaden the investor base, and support Islamic banking liquidity management.
Analysts believe regular sovereign Islamic issuances through the PSX will help strengthen the domestic debt capital market and reduce reliance on conventional borrowing.