Meezan Bank, a pioneer in Islamic banking, acted as lead Joint Financial Advisor in the groundbreaking listed Ijarah Sukuk Issuance for the Government of Pakistan (GoP). This is the first listed GoP Ijarah Sukuk issued through the Pakistan Stock Exchange (PSX), allowing retail investors access to Shariah-compliant government securities in the denomination of Rs. 5000/-. Other Joint Financial Advisors included Dubai Islamic Bank (Pakistan) Limited, Bank Alfalah Limited, and Bank Islami Pakistan Limited said a news release issued here on Wednesday. This maiden auction, held on December 8, 2023, with settlement on December 11, 2023, at the PSX, aimed at raising Rs. 30 billion, surpassed all expectations and was oversubscribed by more than 13 times the participated realized value. The cutoff yield was set at 19.5%. The tenor of the Sukuk is 364 days, providing investors with a short-term Shariah-compliant investment opportunity. This was the first issuance in the series of three auctions announced by the Ministry of Finance. The next two auctions are scheduled to be held in January and February 2024. This milestone issuance not only signifies the robust demand for Shariah-compliant investment but also gives access to retail investors to invest in ethical financial instruments. The overwhelming success of the auction underscores the confidence of investors in Pakistan’s economic stability. It is worthwhile to mention that through this auction the Government of Pakistan was able to raise funds at an almost 2.5% lower financing rate compared to the prevalent Policy Rate which translates into savings of Rs. 750 million in a single issuance.