National Refinery Limited (NRL) has achieved a major financial milestone by raising Rs 10 billion through its first Sukuk issuance, marking the company’s entry into the Islamic capital market.
The fundraising is expected to strengthen NRL’s financial position and provide additional liquidity to support its business and operational requirements. The company, based in Karachi, operates one of Pakistan’s major refining and petrochemical complexes and is also the country’s only lube-oil refinery.
The Sukuk structure provides a Shariah-compliant financing option, allowing the refinery to diversify its sources of funding beyond conventional borrowing. This is particularly significant as NRL has previously relied on a mix of conventional and Islamic financing facilities.
The development comes as Pakistan’s refining sector continues to focus on improving operational efficiency and strengthening financial capacity. NRL has also been working to increase refinery throughput and improve yields from higher-margin petroleum products.
The Rs 10 billion Sukuk therefore represents more than just a financing exercise—it signals NRL’s growing use of Islamic financial instruments and could support its broader business and investment requirements.
