Engro has marked a historic milestone in Pakistan’s landscape with the execution of a Rs133 billion transaction entirely through 100% Islamic financing. It will grow its telecom infrastructure vertical.
This funding has enabled the addition of Deodar (and its 10,000+ telecom towers) to Engro’s portfolio. This underscores Engro’s commitment to driving digital transformation while supporting Pakistan’s determination to fully transition to an Islamic banking system.
A celebratory event brought together all participants of the transaction. It included the presidents of banks, legal and financial advisors, Engro’s teams. And the Governor of the State Bank of Pakistan, Jameel Ahmed.
SBP Governor commended the collaborative effort and reiterated the State Bank’s vision for digital finance. He emphasised the critical role of telecom connectivity in enabling financial inclusion.
“My congratulations to the Dawood family and Engro, the Islamic bankers and conventional banks (through their Islamic windows) on being able to put together a deal of this size.”
Great Achievement:
He called it a great achievement which the banks have supported. It also owed to the conviction of Hussain Dawood and his family in getting it funded through Islamic banking, he stated.
Engro’s leaders highlighted how this transaction will boost digital sovereignty and better usage of economic resources. Shared telecom infrastructure, where a single tower serves multiple mobile network operators (MNOs). And offers a cost-efficient model which stands as essential for Pakistan. With each tower costing approximately USD 50,000, shared usage prevents duplication and frees resources for broader development initiatives.
Furthermore, it ensured locally owned critical infrastructure. It will help Pakistan strengthening its ability to own and shape its digital future.
The deal also reflects the depth and potential of Islamic financing in Pakistan. The unwavering support of participating banks, particularly UBL and Meezan Bank. It demonstrates the strength of their long-standing relationships with Engro. And the collective resolve to advance Shariah-compliant financial solutions.
Chairman of Engro, Hussain Dawood called it incredible achievements. It brought about by the blessings of the Creator, he said. God, he added, helped us make our decisions and created the environment to succeed. Almighty made us able to achieve this transaction, he said, adding it is demonstrating character-driven leadership.
“This milestone is a reflection of Engro’s commitment to national priorities and progress. We are grateful for the trust and collaboration of all partners who made this deal possible, and we are honoured to play our role in advancing Pakistan’s digital and financial transformation.
