Pakistan to Conduct 16th IJARAH SUKUK Auction in December through PSX

Karachi: The Government of Pakistan has announced the 16th issuance of its IJARAH SUKUK, set to take place on December 3, 2024, via the Pakistan Stock Exchange (PSX). This initiative will be executed in collaboration with the National Clearing Company of Pakistan Limited (NCCPL) and the Central Depository Company (CDC), collectively known as Capital Market Infrastructure Institutions (CMIIs).

According to JS Global, the upcoming auction will allow participants to register by November 29, 2024. Investors will be required to submit a completed form by noon on that date to receive login credentials and PIN codes for the auction system. The auction will feature one-year fixed-rate discounted GIS, as well as three, five, and ten-year fixed and variable rental rate GIS instruments. The minimum bid size is set at Rs. 5,000, with all instruments to be traded on the stock exchange.

Eligible investors include those with existing CDC Sub Accounts, while new investors without such accounts can participate through the Facilitation Account service offered by the CDC. The entire margin requirement must be pre-funded before bidding, with the settlement date scheduled for December 4, 2024, the business day following the auction.

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