The National Grid Company of Pakistan Limited (NGC) plans to raise up to Rs100 billion through Shariah-compliant Sukuk—Islamic certificates that pay returns without conventional interest—listed on the Pakistan Stock Exchange (PSX). Officials said the first issue would be up to Rs20 billion, with a programme tenor of up to 10 years, rolled out in phases through public offerings if regulators approve and market conditions allow.
The proposal was taken up at the fourth meeting of the Capital Market Development Council (CMDC), chaired by Finance Minister Muhammad Aurangzeb at the Finance Division on Friday. The Finance Division was briefed on the plan during that session.
What the Sukuk programme would cover
Under the outline shared with the council, the NGC Rs100 billion Sukuk would be sold in stages rather than as a single sale. Listing on the PSX is intended to make the instruments available through the exchange’s public market, subject to the usual regulatory clearances.
Finance Minister Muhammad Aurangzeb welcomed the proposal. He described it as a chance to show what listed corporate debt can do and to encourage other firms to raise long-term money through the capital market instead of relying only on bank loans.
Corporate debt market activity
The meeting heard that corporate debt issuances reached Rs291 billion between January and September 2026. That follows Rs326 billion raised across the whole of 2025. The 2025 total was said to be 30 percent higher than in 2024, pointing to stronger use of this financing channel.
Between February 2025 and September 2026, the market also saw 12 new listed corporate debt issues worth Rs45.4 billion, including Sukuk and other debt paper. The council stressed the need for more public offerings and wider access for businesses that want capital-market funding.
Trading has picked up as well. Average daily traded value in the debt market rose from Rs3.93 billion in fiscal year 2025-26 to more than Rs10 billion in fiscal year 2026-27 as of 15 October. Thirteen banks have joined secondary-market trading arrangements. The council also discussed steps to help banks take part more easily in government Sukuk trading on the PSX and to deepen liquidity.
Reforms, investors and next steps
The Securities and Exchange Commission of Pakistan (SECP)—the corporate markets regulator—and the PSX have set up dedicated Corporate Debt Market Desks to guide companies that want to raise funds through debt. A one-window listing route is already running through SECP and the PSX, with simpler procedures and online information; work is under way to bring the Central Depository Company (CDC), which holds securities in electronic form, into that setup.
The council reviewed reforms on taxation, issuance rules, market infrastructure, investor protection and enforcement. The aims include lower transaction costs, better liquidity, simpler listing and more use of green and thematic Sukuk. SECP told the council it had spoken with 17 pension fund managers and 44 insurance companies about barriers to investing more in corporate debt, including product availability, secondary-market liquidity, issuer disclosures and the wider investment framework.
Aurangzeb directed SECP to work with the PSX and other platforms on practical options for small and medium-sized enterprises seeking capital-market finance. He also called for deeper engagement with investment banks, advisers and business groups, and urged SECP and the PSX to renew talks with MSCI on Pakistan’s possible future move to Emerging Markets status. He said the next phase of reforms should show up as higher corporate debt issuance, stronger liquidity and broader investor participation.
Aasan alfaaz mein
National Grid Company Pakistan Stock Exchange par Shariah ke mutabiq Sukuk bech kar taqreeban 100 arab rupay uthane ka irada rakhti hai. Pehli qist 20 arab rupay tak ho sakti hai, aur yeh programme 10 saal tak chal sakta hai. Wazeer-e-Khazana Aurangzeb ne is mansube ka istiqbal kiya hai. Agar yeh sukuk nikalta hai to investors ko exchange par naya option mil sakta hai, aur power grid company ko lambi muddat ka financing mil sakti hai.
