KARACHI - State Bank of Pakistan has mopped up Rs 6.522 billion through the sale of Ijara Sukuk. The SBP received bids worth over Rs9 billion, but accepted only Rs 6.522 billion. As per the Rules, the maturity period of the first Sukuk issue will be for three years from the date of issue. The profit on the Sukuk shall be paid semi-annually on the basis of rental rate announced by the State Bank of Pakistan prior to start of each half year. The semi-annual profit will be benchmarked against the latest weighted average yield of the 6 month Market Treasury Bills determined one day prior to the start of each 6 month Rental Period (commencing from the issue date of Sukuk) and determined in the same manner at the start of each half year. In case the last held Market Treasury Bill auction the 6 month tenor is either rejected by the State Bank of Pakistan or there is no participation from the market, State Bank of Pakistan will use the 6 month tenor as the above benchmark determined one day prior to the start of each 6 month rental period. Primary Dealers will be required to place bids as margin over / under the benchmark 6 month Treasury Bill weighted average yield.