Pakistan’s sovereign Sukuk market has crossed the Rs10 trillion mark in both outstanding amount and total issuances, marking a major milestone for the country’s Islamic finance sector and debt management framework.

The achievement was commemorated at an event hosted by Meezan Bank, attended by representatives of the Ministry of Finance, the State Bank of Pakistan and joint financial advisors, including Dubai Islamic Bank Pakistan, Bank Islami Pakistan and Bank Alfalah.

Government Sukuk issuances reached Rs4.18 trillion between January and October 2026, more than double the record Rs2.05 trillion raised during the whole of 2025. New issuance structures, including a hybrid Ijarah and Commodity Murabaha model, as well as the introduction of tradable three- and six-month Sukuk, supported the growth.

Finance Minister Senator Muhammad Aurangzeb and SBP Governor Jameel Ahmad addressed the gathering, while Meezan Bank President and CEO Dr Syed Amir Ali highlighted policymakers’ role in expanding the Islamic capital market.

Speakers said recent innovations, particularly short-term Sukuk, would help deepen Pakistan’s Islamic finance market and provide a viable alternative to conventional Treasury Bills.