Name of borrower: Islamic Republic of Pakistan
Amount: PRe90 billion
Tenor: One year
Underwriter: Meezan Bank, Dubai Islamic Bank (Pakistan), Bank Islami Pakistan, Bank Alfalah Limited
Date: December 8, 2023
The Islamic Republic of Pakistan’s PRe90 billion ($320 million) sukuk is the country’s Islamic finance deal of the year.
In this landmark transaction, the country auctioned its first sovereign ijarah sukuk on the Pakistan Stock Exchange. The auction attracted 172 bidders, while total bids amounted to PRe369 billion.
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