Engro has closed a $475 million transaction financed entirely through Islamic banking to acquire more than 10,000 telecom towers from Deodar, marking one of Pakistan’s largest fully Shariah-compliant deals. The acquisition strengthens domestic ownership of critical telecom infrastructure and supports the transition toward shared tower models for mobile network operators.
Announcing the development, Engro said the deal reinforces Pakistan’s control over strategic digital assets while improving efficiency across the telecom sector. Shared tower infrastructure allows multiple mobile operators to use a single tower, reducing duplication and lowering capital expenditure at a time when the cost of building one tower is estimated at around $50,000.
State Bank of Pakistan Governor Jameel Ahmed, speaking at the transaction ceremony, highlighted the commitment of Hussain Dawood and his family to Islamic finance, noting that the deal was structured through a consortium of Islamic banks and Shariah-compliant windows of conventional banks.
Engro added that the shared infrastructure model supports faster network expansion, improves cost efficiency for operators, and aligns with national objectives to strengthen locally owned digital infrastructure as demand for connectivity continues to rise across Pakistan.
