The government plans to raise up to Rs100 billion through a Shariah-compliant Sukuk programme for the National Grid Company of Pakistan (NGC), with an initial issuance of up to Rs20 billion.

The Sukuk will have a maturity of up to 10 years and will be offered in phases through the Pakistan Stock Exchange (PSX), subject to regulatory approvals and market conditions.

The proposal was discussed at the fourth meeting of the Capital Market Development Council, chaired by Finance Minister Muhammad Aurangzeb.

The finance minister welcomed the plan and said it could encourage other companies to raise long-term financing through Pakistan’s capital market.

Corporate Debt Issuance Reaches Rs291 Billion

The meeting was informed that corporate debt issuances reached Rs291 billion during January-September 2026. Companies had raised Rs326 billion throughout 2025, up 30 percent from 2024.

Pakistan also recorded 12 new listed corporate debt issuances worth Rs45.4 billion between February 2025 and September 2026.

Meanwhile, average daily trading in the debt market increased from Rs3.93 billion in fiscal year 2025-26 to more than Rs10 billion in fiscal year 2026-27 as of October 15.

Thirteen banks are now participating in secondary-market debt trading.

The council also reviewed plans to make it easier for companies, particularly small and medium-sized businesses, to raise funds through the stock market.

The Securities and Exchange Commission of Pakistan (SECP) has established dedicated desks with PSX to guide businesses interested in issuing debt instruments.

The government is also working to attract more investment from pension funds and insurance companies to expand the investor base.

Aurangzeb said Pakistan needs to develop its capital market to give businesses more financing options beyond conventional bank loans and encourage greater investment in the economy.