ISLAMABAD: Jazz has successfully completed its second unsecured, privately placed short-term Sukuk issuance, raising Rs15 billion. This milestone underscores investor confidence in Jazz’s market leadership and its innovative financing strategies within Pakistan’s telecom sector.
The Sukuk issuance was significantly oversubscribed, experiencing four times the demand from the non-bank market, which reflects strong market confidence. Supported by Askari Bank, this issuance stands as the largest short-term instrument in Pakistan’s telecom industry, setting new benchmarks in the Islamic capital markets.
Proceeds from this Sukuk will be directed towards accelerating Jazz’s 4G network expansion, in line with the company’s vision of “4G for All.” Committed to bridging the digital divide, Jazz aims to deliver world-class digital services to over 71.5 million customers across Pakistan, ensuring that every Pakistani—regardless of location, gender, or socioeconomic status—has access to transformative digital solutions.
Farrukh Khan, CFO of Jazz, commented on the successful conclusion of the second Sukuk issuance, stating, “The successful issuance of this Sukuk not only marks a significant milestone in our journey towards becoming a leading service company but also highlights the strong investor confidence in our strategy and vision.
With this funding, we are positioned to enhance our digital infrastructure and accelerate the expansion of our 4G network. Our commitment to bridging the digital divide is rooted in our mission to transform lives and livelihoods through technology, ensuring that every Pakistani can access essential digital services and contribute to the country’s socio-economic development.”
