National Grid Company of Pakistan Limited (NGC) intends to raise as much as Rs. 100 billion through Shariah-compliant sukuk listed on the Pakistan Stock Exchange (PSX), beginning with an initial issuance of up to Rs. 20 billion.
The programme, which may run for a maximum of 10 years, will be rolled out in phases via public offerings, pending regulatory approval and market conditions. The proposal was examined at the fourth Capital Market Development Council (CMDC) meeting, chaired by Finance Minister Muhammad Aurangzeb at the Finance Division on Friday.
During the session, officials noted corporate debt issuances totaled Rs. 291 billion from January to September 2026, versus Rs. 326 billion for the entire 2025 period. The council also considered steps to broaden corporate debt financing, such as simplifying listing procedures, boosting market liquidity, and promoting green and thematic sukuk.
Pakistan's debt market has seen heightened trading, with the average daily traded value climbing from Rs. 3.93 billion in FY2025-26 to over Rs. 10 billion in FY2026-27 as of 15 October. Thirteen banks have entered secondary-market trading arrangements.
The Securities and Exchange Commission of Pakistan (SECP) briefed the council on talks with 17 pension fund managers and 44 insurance companies to pinpoint obstacles to greater corporate debt investment. The finance minister urged further dialogue with businesses and financial institutions to promote long-term financing through the capital market.
