Pakistan’s Engro Corporation has secured $475 million (around Rs133 billion) in fully Shariah-compliant Islamic financing to expand its telecom infrastructure business, marking one of the largest Islamic banking transactions in the country’s history. The landmark deal highlights growing confidence in Pakistan’s Islamic finance sector and its role in supporting long-term economic growth.
According to Engro, the financing will be used to acquire Deodar, a major telecom infrastructure company, along with its network of more than 10,000 telecom towers across Pakistan. This acquisition will significantly strengthen Engro’s position in shared telecom infrastructure and support the country’s rapidly growing demand for mobile and digital services.
Engro said shared telecom towers provide a cost-efficient and sustainable model for the industry. Instead of multiple operators building separate towers, shared infrastructure reduces duplication, lowers operational costs, and improves network coverage, especially in underserved and rural areas. This approach also supports digital inclusion and financial inclusion, helping more Pakistanis access mobile connectivity and digital services.
The deal received praise from State Bank of Pakistan Governor Jameel Ahmed, who called it a major milestone for Islamic finance in Pakistan. He said the transaction reflects the maturity and strength of the country’s Islamic banking system and its ability to fund large-scale infrastructure projects.
Engro added that the move reinforces local ownership of critical telecom infrastructure, which is important for national security and economic stability. The company said the investment aligns with Pakistan’s long-term digital growth ambitions, including better connectivity, stronger networks, and support for the digital economy.
With this financing, Engro is set to play a key role in shaping Pakistan’s telecom future while promoting Shariah-compliant financial solutions at scale.
