Pakistan: Rs2 Trillion Raised via Sukuk in 2025


 ISLAMABAD – In a landmark development for the country’s financial sector, Pakistan has raised a record Rs2 trillion (approximately $7.1 billion) through the issuance of Islamic bonds, known as Sukuk, during the 2025 calendar year.

Finance Adviser Khurram Schehzad confirmed the milestone on Monday, December 29, 2025, describing it as the highest-ever Sukuk issuance in a single calendar year since 2008. This achievement signals a significant shift in the country's sovereign debt management strategy as it transitions toward a Shariah-compliant banking system.

Key Highlights of the 2025 Issuance

The record-breaking figure was achieved through a series of strategic moves by the Ministry of Finance and the Debt Management Office (DMO).

Total Volume: Over Rs2 trillion raised in 2025.

Number of Issuances: A total of 61 individual issuances were conducted throughout the year.

Diversified Tenors: The government offered a variety of durations to attract different investor profiles, including one, three, five, and 10-year tenors.

Green Sukuk Debut: The year also saw the successful launch of Pakistan's first Green Sukuk, which was oversubscribed by 5.4 times, reflecting immense investor appetite for environment-friendly Islamic instruments.

Shifting Toward an Interest-Free Economy

The surge in Sukuk issuance is part of a broader mandate issued by the Federal Shariat Court (FSC) in April 2022. The court directed the government to eliminate Riba (interest) and align the entire banking and financial system with Islamic principles by 2027.

Growth in Market Share

The transition is already showing tangible results in the composition of Pakistan's domestic debt:

June 2025: Islamic instruments accounted for 12.6% of domestic debt.

December 2025: The share rose to approximately 14.5%.

Target: The Ministry of Finance aims to reach a 20% Shariah-compliant debt target by the 2027-28 fiscal year.

Why the Record Matters

The success of these auctions through the Pakistan Stock Exchange (PSX) platform has several implications for the economy:

Deepening Capital Markets: By moving away from traditional over-the-counter (OTC) trades to auction-based systems at the PSX, the government has improved transparency and retail participation.

Investor Confidence: The heavy oversubscription of instruments—particularly the Green Sukuk—demonstrates robust confidence from both institutional and individual investors despite global economic headwinds.

Lowering Cost of Debt: As the pool of Shariah-compliant liquidity grows, the government can diversify its borrowing sources, potentially reducing the long-term cost of servicing domestic debt.

"This milestone reflects the structural deepening of Pakistan’s Islamic capital market and the strengthening of sovereign debt management," noted Khurram Schehzad.

The Road Ahead

With the 2027 deadline for a fully Islamic banking system approaching, the government is expected to continue replacing interest-based Treasury Bills (T-Bills) and Pakistan Investment Bonds (PIBs) with Ijarah Sukuk.

The Ministry of Finance and the State Bank of Pakistan (SBP) are reportedly working on further legal reforms to facilitate this transition, ensuring that the momentum gained in 2025 carries into the next fiscal year.

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