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The Presidents/Chief Executive Officers, All Islamic Banking Institutions (IBIs), Islamic Banking Branches (IBBs) Dear All, Outright Purchase and Sale of GOP Sukuk by Government of Pakistan (GOP) |
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Please refer to DMMD Circular No. 18 of 2015 regarding outright purchase of GOP Sukuk on deferred payment basis (Bai-Muajjal) by the Government of Pakistan and sale of these GOP Sukuk on ready payment basis through uniform price based competitive bidding auction process. It has been decided to include non-bank investors (including but not limited to corporates, funds, individuals) as eligible participants in these auctions. In this regard, following terms will be applicable: Non-bank investors will be allowed to participate in these auctions, by submitting pass-through bids or non-competitive bids, through any Islamic Banking Institution (IBI) or Islamic Banking Branch (IBB). IBIs / IBBs will submit the documents on behalf of the non-bank investors submitting pass-through or non-competitive bids. In case of non-competitive bids in Bai-Muajjal auctions: IBIs/IBBs will submit non-competitive bids with the name/account title of investor and amount of Sukuk to be sold/purchased, without quoting the price as per the format attached as Annex-A. Non-bank investors will submit an undertaking and authorization form to the IBIs/IBBs before the auction as per format attached as Annex-B. Only a single bid will be allowed to be submitted in each tenor. Non-competitive bids shall be submitted one day prior to the competitive auction or as per the auction schedule announced from time to time. Non-competitive bids will be accepted at the uniform price decided through the competitive auction. All other instructions shall remain unchanged. |
Enclosed:
Yours sincerely,
(Rizwana Rifat)
Additional Director