ISLAMABAD: Engro Corporation has completed a Rs133 billion transaction structured entirely on Islamic financing principles, marking one of the largest Shariah-compliant corporate deals in Pakistan. The transaction enabled Engro to expand its telecom infrastructure platform through the acquisition of Deodar, which added more than 10,000 telecom towers to its national portfolio, the company said in a press release.
Through this deal, Engro reinforced its long-term strategy of supporting digital connectivity and critical infrastructure development across Pakistan. The company described the acquisition as a major step toward building a robust, locally owned telecom infrastructure that can support the country’s growing digital economy.
To mark the successful closing of the transaction, Engro hosted a commemorative event attended by senior representatives of participating banks, legal and financial advisors, Engro’s leadership, and Jameel Ahmed, Governor of the State Bank of Pakistan. The gathering highlighted the scale of collaboration required to execute a transaction of this magnitude in accordance with Shariah-compliant principles.
Addressing the event, the central bank governor praised the collective effort behind the deal and reiterated the State Bank’s commitment to promoting digital finance and financial inclusion. He described the transaction as a remarkable achievement and congratulated the Dawood family, Engro Corporation, and the banking partners involved. He further noted that the deal reflected both strong institutional support from Islamic banks and Islamic windows of conventional banks, as well as leadership commitment to faith-based financing.
Strengthening digital sovereignty
Engro’s management described the transaction as a strategic move to strengthen Pakistan’s digital sovereignty. By promoting shared telecom infrastructure, the company aims to allow multiple mobile network operators to use a single tower. As a result, this model significantly reduces costs, avoids duplication of capital expenditure, and improves efficiency across the sector.
With each telecom tower costing around $50,000, shared infrastructure enables operators to redirect resources toward other critical development needs while expanding coverage and improving service quality nationwide. Engro also stressed that local ownership of digital infrastructure enhances Pakistan’s ability to secure, control, and shape its digital future in an increasingly connected world.
Moreover, the transaction underscored the growing depth and maturity of Islamic finance in Pakistan. Participating banks, particularly UBL and Meezan Bank, played a key role in structuring and supporting the deal. The financing reflected long-standing partnerships with Engro and a shared commitment to expanding Shariah-compliant financial solutions in the corporate sector.
Commitment to ethical growth
Engro Corporation Chairman Hussain Dawood attributed the success of the transaction to principled leadership and collective resolve. He said the deal demonstrated the organisation’s core values and its determination to align major business decisions with ethical and faith-based principles.
He added that the transaction aligned closely with national development priorities and reflected Engro’s broader commitment to responsible investment. The company expressed gratitude to all stakeholders, advisers, and financial institutions involved in completing the deal.
Looking ahead, Engro reaffirmed its intention to continue contributing to Pakistan’s digital and financial transformation. The company said it would pursue future growth through collaboration, innovation, and responsible investment while supporting the expansion of Islamic finance and digital infrastructure.
