National Grid Company of Pakistan Limited is planning to issue Sukuk worth up to Rs100 billion, of which the inaugural Shariah-compliant bonds will have an issue size of Rs20 billion with a 10-year maturity. The proposed Sukuk offer came up for discussion at the fourth meeting of the Capital Market Development Council on Friday, chaired by Finance Minister Muhammad Aurangzeb. It reviewed progress on capital market reforms, with particular emphasis on deepening Pakistan's corporate debt market, expanding the issuer and investor base, improving market infrastructure and facilitating access to long-term financing. The Sukuk is intended to be floated in tranches through public offerings on the Pakistan Stock Exchange (PSX), subject to requisite approvals and market conditions. The finance minister saw the initiative as an important opportunity to demonstrate the potential of listed corporate debt instruments and encourage similar issuances by other entities. The council was informed that corporate debt issuances reached Rs291 billion during January-September 2026, following Rs326 billion raised in 2025, representing a 30% increase over 2024. The market also witnessed 12 new listed corporate debt issuances worth Rs45.4 billion between February 2025 and September 2026, reflecting growing activity in Sukuk and other debt instruments. The council underscored the importance of encouraging more public offerings and enabling a wider range of businesses to access capital market financing.