KARACHI, Sept 25: The State Bank of Pakistan on Thursday announced first coupon rate of Ijara Sukuk for which the auction was held on September 15.

The coupon rate on three-year Ijara Sukuk announced at 13.13 per cent. A senior banker said it was attractive rate of profit.

Before launching of Ijara the SBP issued guidelines which said that the profits of Ijara Sukuk would be paid bi-annually. Maximum part of the rate is floating and linked with the benchmark 6-month treasury bills rate. The three-year Ijara Sukuk carries semi-annual payment at the rate 45 basis points higher than the benchmark six months treasury bills. The SBP sold Rs6.522bn of Ijara Sukuk in its first auction.