KARACHI: The State Bank of Pakistan (SBP) has decided to outright sell or purchase of Islamic bonds, Government of Pakistan Ijara Sukuk (GIS) through Open Market Operations (OMOs), to facilitate Islamic Banking.
As per decision taken by the SBP, all Islamic banks and conventional banks having Islamic branches will be eligible to participate in these OMOs and notice will be issued through Reuters/ Bloomberg in this regard. To participate in the OMOs all eligible participants will send their bid s as per required format through Fax/Reuters.
All eligible participants in the OMOs will send their bids as per required format detailing face value of security and deferred price (in case of Bai-Muajjal or price (in case of ready payment basis). Price should include accrued profit and can be quoted up to four decimal places. Each eligible participant will be allowed to submit maximum three bids in an OMO. Minimum bid size will be Rs25 million.
