Engro, one of Pakistan’s largest conglomerates, has secured a $475 million (Rs133 billion) financing facility structured entirely through Islamic banking, marking one of the largest Shariah-compliant transactions in the country. The funding will support the expansion of Engro’s telecom infrastructure business through the acquisition of Deodar and its portfolio of more than 10,000 telecom towers.
The transaction brings Deodar’s tower assets under Engro’s portfolio, strengthening its position in shared telecom infrastructure at a time when cost efficiency and network expansion remain critical for Pakistan’s digital growth.
Speaking at a celebratory event, State Bank of Pakistan Governor Jameel Ahmed congratulated the Dawood family, Engro, and the participating Islamic and conventional banks operating through Islamic windows for successfully executing a deal of this scale. He highlighted that the transaction reflects the strong commitment of Hussain Dawood and his family to Islamic finance.
Ahmed reiterated the central bank’s vision for digital finance and underscored the importance of robust telecom connectivity in enabling financial inclusion across the country.
Engro noted that shared telecom infrastructure, where a single tower supports multiple mobile network operators, offers a cost-efficient model essential for Pakistan. With the cost of each tower estimated at around $50,000, shared usage reduces duplication, optimises capital deployment, and allows resources to be redirected toward broader development priorities.
The company added that local ownership of critical telecom infrastructure strengthens Pakistan’s ability to shape and secure its digital future.
Engro acknowledged the role of participating banks, with particular recognition given to UBL and Meezan Bank for their support in structuring and executing the transaction.
Chairman Hussain Dawood described the deal as a result of character-driven leadership, emphasising Engro’s long-term commitment to responsible growth and Islamic finance.
