PSX says first Islamic bond auction exceeded expectations, attracting over $1.7 billion of bids

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KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday described the first primary market auction of the country’s one-year Ijarah Sukuk as a “resounding success” that attracted over Rs481 billion ($1.7 billion) of bids, calling it a useful addition to the product suite offered by the equity market which would further expand and solidify the investor base. Sukuk is an Islamic financial certificate that represents ownership in a tangible asset or a pool of assets. It is similar to a bond but is structured in a way that complies with Islamic law, which prohibits interest-based transactions.