Engro has secured $475 million (Rs133 billion) in Islamic financing to expand its telecom infrastructure, marking a major step in Pakistan’s digital growth. The funding will bring Deodar and its more than 10,000 telecom towers into Engro’s portfolio, strengthening connectivity and supporting the country’s digital transformation goals.
The financing deal, fully structured through Islamic banking channels, will enable Engro to significantly scale its telecom infrastructure business. By adding Deodar’s extensive tower network, Engro is positioning itself as a stronger player in Pakistan’s rapidly growing digital and connectivity landscape. This move reflects the company’s long-term strategy to support technology-driven economic development.
Pakistan has been steadily transitioning towards an Islamic banking system, with major corporations increasingly opting for Shariah-compliant financing. Engro’s latest deal aligns with this national direction while addressing the rising demand for reliable telecom infrastructure, which is critical for mobile services, broadband expansion, and digital inclusion across urban and rural areas.
State Bank Governor Jameel Ahmad praised the successful collaboration behind the financing, emphasizing that strong telecom connectivity is essential for financial inclusion and economic progress. He also acknowledged the efforts of Engro’s leadership, particularly Hussain Dawood and his family, for their commitment to securing large-scale funding through Islamic banking mechanisms.
This landmark financing not only enhances Engro’s telecom portfolio but also reinforces confidence in Islamic banking for large infrastructure projects. With the addition of over 10,000 towers, the deal is expected to improve network coverage, support digital services, and contribute to Pakistan’s broader vision of a connected and inclusive digital economy.