Engro has marked a historic milestone in Pakistan’s landscape with the execution of a Rs 133 billion transaction entirely through 100% Islamic financing, to 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, including the presidents of banks, legal and financial advisors, Engro’s teams, and the Governor of the State Bank of Pakistan, Jameel Ahmed. He commended the collaborative effort and reiterated the State Bank’s vision for digital finance, emphasising the critical role of telecom connectivity in enabling financial inclusion. At the event, he said, “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. This is a great achievement which has been supported by the banks – but is also owed to the conviction of Hussain Dawood and his family in getting it funded through Islamic banking.”
Engro’s leaders highlighted how this transaction is a step towards digital sovereignty and better usage of economic resources. Shared telecom infrastructure, where a single tower serves multiple mobile network operators (MNOs), offers a cost-efficient model which is essential for Pakistan. With each tower costing approximately USD 50,000, shared usage prevents duplication and frees resources for broader development initiatives. Furthermore, by ensuring that critical infrastructure is locally owned, Pakistan strengthens 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, 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, said at the occasion, “These incredible achievements have been brought about by the blessings of the Creator. He is the one who helped us make our decisions and created the environment to succeed – and we were able to achieve this transaction by 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.