Islamabad: In a significant development for Pakistan's Islamic financial sector, the Government of Pakistan's Sukuk portfolio has exceeded the PKR 10 trillion mark in both outstanding amounts and total issuances. This milestone was celebrated by Meezan Bank at an event in Islamabad, which saw participation from the Ministry of Finance, the State Bank of Pakistan, and other key financial advisors.

According to Meezan Bank Limited, the government issued PKR 4.179 trillion in Sukuk from January to October 31, 2026, more than doubling the previous year's issuance of PKR 2.052 trillion. This growth is attributed to new issuance structures, regulatory support, and increased participation from financial institutions.

Since 2008, the Sukuk have primarily been issued under the Ijarah structure, which is linked to tangible state assets. To enhance capacity, the government introduced a hybrid structure that combines Ijarah with Commodity Murabaha, enabling a larger issuance volume using the same asset base.

The introduction of tradable three- and six-month Sukuk has filled a previous gap in the short end of the sovereign Islamic yield curve, providing necessary benchmarks for the wider Islamic finance market.

The event featured speeches by Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, and Jameel Ahmad, the Governor of the State Bank of Pakistan. Khurram Schehzad, Adviser to the Finance Minister on Economic and Financial Reforms, and other senior ministry officials were also in attendance. Justice (Retd.) Mufti Muhammad Taqi Usmani, Chairman of the Shariah Board of Meezan Bank, delivered the keynote address.

Dr. Syed Amir Ali, President & CEO of Meezan Bank, acknowledged the Ministry of Finance and the State Bank of Pakistan's leadership in expanding Pakistan's sovereign Sukuk market. Senator Aurangzeb also acknowledged the contributions of the State Bank and the Joint Financial Advisors in reaching this milestone.

Dr. Muhammad Imran Ashraf Usmani, a Shariah Board Member at Meezan Bank, noted that the recent introduction of short-term Sukuk offers a viable alternative to conventional treasury bills, supporting Pakistan's ongoing transformation in the financial sector.