UBL and Meezan Bank Lead Pakistan’s Largest Private Sector Islamic Financing of PKR 133 Billion
United Bank Limited (UBL), as one of the Mandated Lead Advisors & Arrangers, has successfully led Pakistan’s largest private sector syndicated Islamic financing to date, totaling PKR 133 billion, alongside Meezan Bank.
The financing was extended to Deodar (Private) Limited and Engro Connect (Private) Limited, with UBL also acting as Facility Agent, Security Agent, and Accounts Bank. The transaction supported the acquisition of Deodar by the Engro Group from Pakistan Mobile Communications Limited (PMCL), along with post-acquisition working capital requirements.
Financing Supports Acquisition and Working Capital Needs
The proceeds of the Islamic financing are being utilized to partially finance scheduled payments to PMCL under the Scheme of Arrangement.
Following the acquisition of 10,617 cellular towers, Deodar has emerged as Pakistan’s largest independent TowerCo, marking a significant milestone in the country’s telecommunications infrastructure sector.
Transaction Marked at Ceremony in Karachi
The successful closing of the landmark transaction was recently marked at a ceremony hosted by Engro Corporation at the TDF MagnifiScience Centre in Karachi.
The event was attended by Jameel Ahmad, Governor of the State Bank of Pakistan, Mr. Hussain Dawood, Chairman Engro Holdings, Mr. Muhammad Jawaid Iqbal, President & CEO of United Bank Limited, along with senior representatives from UBL, the Engro Group, and participating financial institutions.
UBL Highlights Commitment to Shariah-Compliant Solutions
Speaking on the occasion, Mr. Muhammad Jawaid Iqbal, President & CEO of United Bank Limited, remarked that the financing reflects the trust placed in UBL to lead complex and high-impact transactions.
He stated that partnering with the Engro Group underscores UBL’s commitment to delivering Shariah-compliant financial solutions that strengthen Pakistan’s infrastructure and support long-term economic foundations.
