The government has raised Rs. 12.7 billion from the auction of Ijarah Sukuk bonds, the Pakistan Stock Exchange (PSX) announced on Monday. The auction, which featured a one-year fixed-rate discounted (FRD) Sukuk, attracted bids totaling Rs. 23.7 billion. The auction included fixed-rate discounted, variable rental rate (VRR), and fixed rental rate (FRR) Government of Pakistan Ijarah Sukuk (GIS). The government had initially set a target of Rs. 10 billion for the one-year fixed-rate discounted (FRD) Ijarah Sukuk auction. Of the total bids received for the one-year GIS FRD, Rs. 15.3 billion was raised, with competitive bids comprising Rs. 15.12 billion and non-competitive bids Rs. 184.88 million. In addition to the FRD Sukuk, the government raised Rs. 9.68 billion through the sale of GIS VRR bonds, with Rs. 9.65 billion approved through competitive bids. The three-year GIS VRR helped raise Rs. 6.6 million, while the five-year GIS VRR raised Rs. 9.67 billion. The three-year FRR Sukuk raised Rs. 425.42 milli on, while bids for the five-year FRR bond were rejected by the government. Source: Pro Pakistani