State Plans Rs. 100 Billion Sukuk Listing on Pakistan Stock Exchange

The National Grid Company of Pakistan plans to issue up to Rs. 100 billion in Islamic bonds through the Pakistan Stock Exchange.

NationPulse Desk

Oct 30, 2026 · 8:25 PM 3 min read

Key takeaways

The National Grid Company of Pakistan Limited plans to raise up to Rs. 100 billion through Shariah-compliant Sukuk.

Corporate debt issuances reached Rs. 291 billion during January-September 2026.

Average daily traded value rose to more than Rs. 10 billion in fiscal year 2026-27 as of October 15, 2026.

The Securities and Exchange Commission of Pakistan consulted 17 pension fund managers and 44 insurance companies regarding corporate debt investments.

On Friday, officials learned that the National Grid Company of Pakistan Limited intends to secure as much as Rs. 100 billion via Shariah-compliant Sukuk, beginning with an initial tranche of up to Rs. 20 billion. Market conditions and regulatory approvals permitting, the initiative will feature a tenor of up to 10 years and roll out in phases via public offerings listed on the Pakistan Stock Exchange.

Finance Minister Muhammad Aurangzeb led the fourth session of the Capital Market Development Council at the Finance Division, where the strategy was unveiled. Praising the proposed float, the minister stated it provides a chance to show the strength of listed corporate debt instruments while motivating other firms to secure long-term capital through the market.

Corporate Debt Issuance Reaches Rs. 291 Billion

Attendees learned that corporate debt offerings hit Rs. 291 billion between January and September 2026, following a total of Rs. 326 billion secured across 2025. The capital collected in 2025 climbed 30 percent above the 2024 figures, pointing to rising momentum in the country's corporate debt sector.

Between February 2025 and September 2026, the sector also saw 12 fresh listed corporate debt offerings totaling Rs. 45.4 billion, which included Sukuk and alternative debt products. Officials emphasized the importance of boosting public offerings and broadening company access to capital market funding.

Government Pushes to Expand Debt Market

To assist firms seeking funds via debt products, the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange have set up specialized Corporate Debt Market Desks. A single-window listing setup is already running through both institutions, offering straightforward steps and online details, with efforts ongoing to add the Central Depository Company to the process.

Taxation, market infrastructure, debt issuance, enforcement, and investor protection were among the reforms evaluated by the council. Such steps are designed to cut transaction expenses, boost market depth, ease listing requirements, and support funding through products like green and thematic Sukuk.

Daily Debt Trading Crosses Rs10 Billion

Market turnover for debt in Pakistan has similarly grown. Average daily trading volume climbed from Rs. 3.93 billion during the 2025-26 fiscal year past Rs. 10 billion in the 2026-27 fiscal year as of October 15, 2026. Thirteen banking institutions have joined and actively trade within secondary-market frameworks. The council reviewed additional steps to help banks trade government Sukuk via the exchange and enhance market depth.

Government Wants Pension Funds and Insurers to Invest More

The Securities and Exchange Commission of Pakistan reported speaking with 17 pension fund managers and 44 insurance companies to pinpoint obstacles stopping higher investments in corporate debt products. Those talks touched on secondary-market trading depth, issuer disclosures, the wider investment framework, and suitable financial products.

Additionally, Aurangzeb instructed the Securities and Exchange Commission of Pakistan to collaborate with the stock exchange and other groups to create workable options for small and medium-sized enterprises seeking exchange funding. He demanded deeper cooperation with business groups, investment banks, and financial advisers to prompt more firms to gather long-term capital. Furthermore, Aurangzeb asked regulators to restart talks with MSCI concerning Pakistan's prospective future return to Emerging Markets status. He noted that upcoming reforms must produce larger corporate debt volumes, better market liquidity, and wider investor involvement.

Questions and answers

How much does the National Grid Company plan to raise?

The National Grid Company of Pakistan Limited plans to raise up to Rs. 100 billion through Shariah-compliant Sukuk, with an initial issuance of up to Rs. 20 billion.

What was the average daily traded value in Pakistan's debt market?

The average daily traded value rose from Rs. 3.93 billion in fiscal year 2025-26 to more than Rs. 10 billion in fiscal year 2026-27 as of October 15, 2026.