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:

1. 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).
   
   
2. IBIs / IBBs will submit the documents on behalf of the non-bank investors submitting pass-through or non-competitive bids.
   
   
3. In case of non-competitive bids in Bai-Muajjal auctions:
   
   
1. 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.
2. Non-bank investors will submit an undertaking and authorization form to the IBIs/IBBs before the auction as per format attached as Annex-B.
3. Only a single bid will be allowed to be submitted in each tenor.
4. Non-competitive bids shall be submitted one day prior to the competitive auction or as per the auction schedule announced from time to time.
5. Non-competitive bids will be accepted at the uniform price decided through the competitive auction.

All other instructions shall remain unchanged.

Enclosed:
Annexure-A: Non-Competitive Bid Form for IBIs/IBBs
Annexure-B: Investor Undertaking & Authorization Form