Pakistan’s National Grid Company Plans Up to Rs100 Billion Sukuk Programme
Pakistan’s National Grid Company is planning a large Shariah-compliant borrowing programme. The company intends to raise up to Rs100 billion through Sukuk, beginning with an inaugural issuance of up to Rs20 billion with a tenor of up to 10 years, issued in tranches through public offerings listed on the Pakistan Stock Exchange. The plan is still at the proposal stage: it was discussed at a capital-market meeting on Friday, 30 October 2026, and remains subject to the necessary approvals and market conditions.
Key points
- Proposed programme size: up to Rs100 billion in Shariah-compliant Sukuk.
- First issuance: up to Rs20 billion, with a tenor of up to 10 years.
- How it would be issued: in tranches, through public offerings listed on the Pakistan Stock Exchange.
- Status: proposed and discussed, not yet approved or issued — subject to requisite approvals and market conditions.
- Where it was discussed: the fourth meeting of the Capital Market Development Council, chaired by Finance Minister Muhammad Aurangzeb at the Finance Division on 30 October 2026.
- Context: corporate debt issuances in Pakistan reached Rs291 billion in January–September 2026, after Rs326 billion in 2025.
What is being proposed
Sukuk are Shariah-compliant certificates linked to real assets or projects, rather than interest-bearing loans. Under the proposal reported, the National Grid Company would use the programme to raise long-term financing in stages, instead of a single borrowing. Each tranche would be offered publicly and listed on the stock exchange, so investors could buy and trade the certificates on the market.
Why the government is backing corporate Sukuk
The meeting reviewed Pakistan’s wider capital-market reform agenda: deepening the corporate debt market, broadening the issuer and investor base, and giving companies an alternative to conventional bank lending for long-term finance. Officials at the meeting pointed to rising activity — 12 new listed corporate debt issuances worth Rs45.4 billion between February 2025 and September 2026, including Sukuk — and to dedicated Corporate Debt Market Desks set up by the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange to guide potential issuers.
What the market numbers show
The council was told that corporate debt issuances reached Rs291 billion during January–September 2026, following Rs326 billion raised throughout 2025, a rise of about 30 percent over 2024. Average daily traded value in the secondary debt market rose from Rs3.93 billion in fiscal year 2025–26 to more than Rs10 billion in fiscal year 2026–27 as of 15 October 2026. These figures describe the market as a whole, not this one programme, and they do not guarantee how any future NGC Sukuk would perform.
What happens next
Before any Sukuk is offered, the programme needs the requisite regulatory approvals, and its timing and pricing will depend on market conditions. Investors should watch for a formal announcement of approval and for the offering documents of any individual tranche, which will set out the structure, asset backing, returns mechanism and risks. Returns on Sukuk are not guaranteed.
This article is for information only and is not investment advice. Investment decisions should be made after personal research and, where needed, advice from a qualified professional and a trusted Islamic scholar.
What is the National Grid Company Sukuk plan?
A proposed Shariah-compliant Sukuk programme of up to Rs100 billion, beginning with an inaugural issuance of up to Rs20 billion with a tenor of up to 10 years.
Has the Sukuk been issued yet?
No. As reported on 30–31 October 2026, it is a proposal discussed at the Capital Market Development Council meeting and remains subject to approvals and market conditions.
How would the Sukuk be issued?
In tranches, through public offerings listed on the Pakistan Stock Exchange, according to the reports of the meeting.
What is Sukuk?
Sukuk are Islamic finance certificates linked to real assets or projects. Investors earn from the income or profits of the underlying asset, rather than interest.
Is a return guaranteed on Sukuk?
No. Returns depend on the structure and performance of each Sukuk, and the offering documents should always be read before investing.
Sources: The Express Tribune, ProPakistani, The Nation
