Engro has strengthened its position in Pakistan’s telecom sector with a landmark $475 million transaction, fully financed through Islamic banking.
The funding has supported the inclusion of Deodar and its network of over 10,000 telecom towers into Engro’s infrastructure portfolio. Industry observers say this development marks one of the biggest Shariah-compliant financing deals ever completed in the country.
The State Bank of Pakistan (SBP) Governor, Jameel Ahmed, praised the accomplishment during a celebratory gathering, highlighting the commitment of the Dawood family and the financial institutions involved.
He said the success of the project reflects strong belief and determination to structure major investments under Islamic financing principles.
He also linked the expansion of telecom infrastructure to Pakistan’s digital transformation goals. The SBP sees connectivity as a vital tool for financial inclusion, especially as more citizens depend on digital services.
Engro believes that shared telecom infrastructure will play a crucial role in reducing operational costs in the sector. A single tower that supports multiple mobile network operators prevents duplication, lowers national expenses, and improves service availability for users.
The company pointed out that each tower costs around $50,000 to build, making shared usage an effective and sustainable model.
Engro also stressed that keeping telecom assets under local ownership adds long-term strength to Pakistan’s digital future. The group thanked its partner banks, especially UBL and Meezan Bank, for helping complete the transaction.
Chairman Hussain Dawood said the achievement reflects character-driven leadership and teamwork, adding that this milestone represents an important contribution to Pakistan’s telecommunications growth and future economic st