Engro has secured $475 million in 100% Shariah-compliant financing to expand its telecom tower portfolio. The funding adds over 10,000 Deodar towers to Engro’s infrastructure business. This deal marks one of Pakistan’s largest Islamic finance transactions.
The State Bank of Pakistan praised the achievement, highlighting the collaboration of Islamic and conventional banks. Governor Jameel Ahmed commended Engro’s leadership and the Dawood family for securing the deal. He emphasized that telecom connectivity is vital for digital finance and financial inclusion in Pakistan.
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Engro stated that shared telecom infrastructure is a cost-efficient model, allowing multiple mobile operators to use a single tower. Each tower costs around $50,000, and sharing prevents unnecessary duplication. This model frees resources for broader development and strengthens local ownership of critical digital infrastructure.
Hussain Dawood, Engro’s chairman, credited character-driven leadership and strategic vision for completing the deal. He emphasized that Islamic financing can support Pakistan’s economic growth and technological advancement. UBL and Meezan Bank played key roles in facilitating the transaction.
Experts say this investment will enhance Pakistan’s digital landscape and improve telecom access nationwide. The deal also sets a precedent for large-scale Islamic financing in infrastructure projects. With local ownership of towers, Pakistan is better positioned to shape its digital future.