Government Sukuk Auction Today: Rs250 Billion Hybrid Sukuk on Offer, 10am–12pm

By Bilal Ahmed | November 11, 2026

Pakistan holds its 24th Government of Pakistan Hybrid Sukuk auction today, Wednesday, November 11, 2026. The sale runs from 10:00am to 12:00pm through the Pakistan Stock Exchange (PSX) Auction System, with a combined target of Rs250 billion across four instruments — and settlement set for Thursday, November 12. No results are out yet: the auction is still to run this morning, so what follows is what is on offer, not what was sold.

For anyone watching the government’s Shariah-compliant borrowing, today is the bigger of the two November sales. The government is offering three short-term instruments alongside a second reopening of its 10-year Variable Rental Rate Sukuk, the long-dated paper that carries a coupon of 12.1179%. The last auction, held a week ago on November 4, raised Rs194.96 billion against a Rs100 billion target, so today’s Rs250 billion target is being watched closely by banks, funds and Islamic finance desks alike.

Government Sukuk Auction Today at a Glance

What Is on Offer: Four Instruments, Rs250 Billion

The Rs250 billion target is split across four tenors, and the split tells its own story — the government is raising most of the money long, and a smaller share short:

The 10-year paper is the heavyweight of the day: Rs150 billion of the Rs250 billion total, or three-fifths of the whole auction. It is the second reopening of a Sukuk originally issued on October 15, 2026, which means the government is adding fresh supply to an existing, already-trading issue rather than creating a new one from scratch. Its coupon rate stands at 12.1179%.

The short end matters too, and for a different reason. Three-month and six-month government Sukuk are a new idea in Pakistan — short-term sovereign paper that follows Islamic principles — and the one-year discounted instrument sits between the two. Together the three shorter tenors add up to Rs100 billion, the same figure the government targeted in its entirety at the previous auction.

What Is a Sukuk? A Simple Explainer

A Sukuk is often called an Islamic bond, but that label can mislead. A conventional bond is a loan: you lend money and get interest back. A Sukuk works differently. When you buy a Sukuk, you own a share in a real asset — in this case, government assets — and what you earn is rent on that asset, not interest on a loan. That rental return is why Sukuk are Shariah-compliant, and why they are open to Islamic banks, funds and savers who will not touch interest-based paper.

The practical difference for an ordinary reader is simple. A bond pays interest. A Sukuk pays rent on something tangible. The risk and return still depend on the issuer — here, the Government of Pakistan — but the structure itself follows Islamic finance rules, which is exactly why Pakistan has built a whole Sukuk programme around it.

How the Hybrid Structure Works

Today’s auction is a “hybrid” Sukuk, which means it blends two Islamic contracts. Fifty-five percent of the proceeds are structured as Ijarah Sale & Lease Back — the government sells an asset and leases it back, paying rent — and the remaining 45% as Commodity Murabaha, a cost-plus sale arrangement. The mix is what makes the instrument “hybrid”, and it is the same structure used across the government’s recent Sukuk programme.

The Sukuk are issued by Pakistan Domestic Sukuk Company Limited (PDSCL), a subsidiary of the Ministry of Finance, under the Government of Pakistan Sukuk Rules 2008, as amended in 2023. Once issued, the paper is tradable on the Pakistan Stock Exchange, which is also the platform running today’s auction.

Last Auction: Rs194.96 Billion Raised on November 4

The last sale, held on Wednesday, November 4, 2026, gives the clearest sense of the demand the government is working with. It raised Rs194.96 billion through 3-year and 5-year Hybrid Sukuk against a target of Rs100 billion — nearly double what it had aimed for. Total bids came in at Rs378.45 billion, close to four times the target. Bids for a separate 10-year Ijarah Sukuk issue at that auction were all rejected, and settlement took place on November 5.

There is an important earlier chapter too, and it should not be confused with today’s auction. When the government first issued short-term sovereign hybrid Sukuk — the debut of the 3-month and 6-month paper — demand was heavy. Bids for the 3-month instrument exceeded Rs153 billion against a Rs25 billion target, with over Rs80 billion accepted at a weighted average yield of 11.4413%. Bids for the 6-month instrument exceeded Rs41 billion, with around Rs24 billion accepted at 11.5685%. That debut showed there is a real appetite for short-dated Islamic paper. Whether today’s sale repeats that pattern will only be known once the auction closes at noon.

Why Today’s Auction Matters

Three things make this sale worth watching. First, the size: Rs250 billion in a single morning is the largest target in the current auction calendar, and the government has another Rs250 billion sale lined up for November 25. Second, the mix: the heavy 10-year reopening means the government is locking in long-term Shariah-compliant funding, not just rolling over short-term bills. Third, the setting: the auction comes as the stock market has been moving sharply — the KSE-100 surged 5,000 points on November 10 as Iran fears eased, a rally we covered in our report on the KSE-100’s 5,000-point surge — so investor mood around Pakistani assets is firmly in focus today.

For savers, the relevance is indirect but real. Government borrowing costs feed through into the wider economy, including the price of money for banks and businesses. Fuel and gold markets are moving on the same currents: read our breakdown of the petrol price and Rs114-per-litre levy and our gold price update for November 10, 2026 for the rest of the picture.

What Happens Next

The auction runs from 10:00am to 12:00pm today. Results — how much was raised, at what rental rates, and how heavily each tenor was subscribed — are expected after the close, and settlement is scheduled for Thursday, November 12, 2026. This article will be updated once the official results are announced; until then, no result, yield or subscription figure for today’s sale should be taken as final. The next auction in the revised PSX calendar is November 25, 2026, with the same Rs250 billion pattern.

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