The Government of Pakistan successfully raised Rs239.325 billion through its inaugural Short-Term Hybrid Sukuk auction on Wednesday.
The issuance marks a significant expansion of the country's sovereign debt toolkit, introducing a new instrument designed to attract a broader base of investors seeking Shariah-compliant assets.
The auction's success underscores the growing demand for Islamic finance instruments in the region.
By launching a hybrid sukuk, the government aims to diversify its funding sources beyond traditional conventional bonds and standard Ijarah sukuk.
This move is particularly relevant given the State Bank of Pakistan's recent efforts to broaden market participation.
The issuance follows policy shifts by the central bank to allow non-bank investors to participate directly in Government of Pakistan Ijarah Sukuk (GIS) auctions.