NGC Plans Rs 100 Billion Sukuk on PSX, First Issue Up to Rs 20 Billion
The National Grid Company plans to raise up to Rs 100 billion through listed sukuk, the Capital Market Development Council was told.
The National Grid Company of Pakistan (NGC) plans a Rs 100 billion sukuk programme, Shariah-compliant and listed on the Pakistan Stock Exchange (PSX), starting with an issue of up to Rs 20 billion. The plan was presented on 30 October 2026 at the fourth meeting of the Capital Market Development Council (CMDC), chaired by Finance Minister Muhammad Aurangzeb. Issuance is subject to regulatory approvals and market conditions.
NGC sukuk at a glance
| Item | Detail |
|---|---|
| Issuer | National Grid Company of Pakistan Limited (NGC) |
| Programme size | Up to Rs 100 billion |
| First issue | Up to Rs 20 billion |
| Type | Shariah-compliant sukuk |
| Tenor | Up to 10 years |
| How | In tranches, through public offerings listed on PSX |
| Timing | Not announced; subject to approvals and market conditions |
Why it matters
Most large borrowers in Pakistan raise money from banks. A big listed sukuk from a state-owned power company would give individual and institutional investors a long-term, Shariah-compliant debt instrument they can buy on the stock exchange. The finance minister welcomed the plan as a chance to show what listed corporate debt can do, and said the next phase must focus on “translating regulatory and institutional reforms into increased issuance, deeper liquidity and wider investor participation”, according to Business Recorder.
Corporate debt market: the numbers
| Indicator | Figure |
|---|---|
| Corporate debt raised, Jan–Sep 2026 | Rs 291 billion |
| Corporate debt raised, 2025 | Rs 326 billion (30% more than 2024) |
| New listed debt issues, Feb 2025–Sep 2026 | 12 issues worth Rs 45.4 billion |
| Average daily traded value | Over Rs 10 billion in FY2027 so far, from Rs 3.93 billion in FY2026 |
Other steps discussed
- Corporate Debt Market Desks at SECP and PSX to guide companies.
- A one-window listing process through SECP and PSX, with CDC being brought in.
- Banks able to trade government sukuk on PSX without broker accounts.
- A push for green and thematic sukuk, and easier market access for SMEs.
What it means for investors
If the offer goes ahead, retail investors with a PSX trading account could buy a long-term Islamic bond from a major utility. Details that matter, such as the profit rate, security and payment schedule, will only be known when the prospectus is issued, so wait for the official offering document before deciding. Investors interested in Islamic products can also read about the PSX Shariah trading counter, and follow the market in our KSE-100 weekly review. This is general information, not investment advice.
What is a sukuk?
A sukuk is an Islamic financial certificate. Instead of lending money for interest, investors own a share in an underlying asset or business activity, and their return comes from the income that asset produces. Sukuk are often called Islamic bonds because, like bonds, they pay regular returns and have a fixed maturity. Pakistan’s government already raises large amounts through sukuk; a Rs 100 billion sukuk from NGC would be one of the bigger corporate programmes on the exchange.
How retail investors could buy listed sukuk
- Open a trading account with a PSX-registered broker if you do not already have one.
- Wait for the public offering announcement and read the prospectus, which sets out the profit rate, security and repayment schedule.
- Subscribe during the offer period through your broker, as set out in the offering document.
- After listing, the sukuk can be bought and sold on PSX like other listed securities.
Returns, risks and minimum investment for the Rs 100 billion sukuk will only be clear from the official offering document.
Frequently asked questions
When will the NGC sukuk be issued?
No date has been announced. It depends on regulatory approvals and market conditions.
Who is NGC?
The National Grid Company is the state-owned company that runs Pakistan’s high-voltage power transmission network, formerly known as NTDC.
Sources: Finance Division statement on the CMDC meeting of 30 October 2026, reported by Business Recorder, Express Tribune and APP.
