The Presidents/Chief Executive Officers

All Banks/DFIs/NBFIs

Dear Sirs/Madams,

Government of Pakistan Ijara Sukuk

Please refer to FSCD Circular No. 13 dated September 06, 2008, DMMD Circular No 02 dated February 03, 2016, DMMD Circular No. 19 dated August 18, 2020 as well as all relevant instructions regarding Government of Pakistan (GOP) Ijara Sukuk (GIS).

In accordance with provisions of the notification of GOP Ijara Sukuk Rules, 2008 (‘Annexure-A’), GIS will be issued as per the Structure and Assets described in ‘Annexure- B’. The GIS auction details such as target amount, tenor, rental rate (variable or fixed) and auction schedule etc. will be announced by SBP on Refinitiv/Bloomberg SBPK pages. The details covering the structure, documentation and sample tender form (‘Annexure- C’ for Variable Rental Rate-and ‘Annexure- D’ Fixed Rental Rate GIS-) are enclosed for information.

Enclosed:

Annexure-A: Copy of Government of Pakistan Ijara Sukuk Rules

Annexure-B: Transaction Structure

Annexure-C: Specimen Sukuk Subscription Undertaking

Annexure-D: Specimen Sukuk Issuance Undertaking

Annexure-E: Sample Tender Form - Variable Rental Rate

Annexure-F: Sample Tender Form - Fixed Rental Rate

Annexure-G: Sample Tender Form - Reopening

Annexure-H: NCBs Format for PDs