UBL Leads Pakistan’s Largest Islamic Syndicated Financing

UBL closes a record-breaking Shariah-compliant deal. The PKR133 billion facility backs Engro’s landmark tower acquisition.

UBL – United Bank Limited has led Pakistan’s largest private-sector Islamic syndicated financing, arranging a PKR 133 billion facility to support Engro Group’s acquisition of Deodar Digital Infrastructure, according to company officials.

UBL served as Mandated Lead Advisor and Arranger, while also acting as Facility Agent, Security Agent and Accounts Bank for the transaction. The financing was extended to Deodar and Engro Connect (Private) Limited to help fund the purchase of Deodar from Pakistan Mobile Communications Limited (PMCL) and to meet post-acquisition working capital needs.

Part of the proceeds will be used to meet scheduled payments to PMCL under the agreed Scheme of Arrangement. Through the acquisition of 10,617 telecom towers, Deodar has now emerged as Pakistan’s largest independent tower company.

The successful closing of the deal was marked at a ceremony in Karachi hosted by Engro Corporation, attended by State Bank Governor Jameel Ahmad, Engro Holdings Chairman Hussain Dawood and UBL President and CEO Muhammad Jawaid Iqbal, along with senior executives from participating institutions.

“This financing reflects the trust placed in UBL to lead complex, high-impact transactions,” Iqbal said. “Partnering with Engro Group on this transaction underscores our commitment to delivering Shariah-compliant solutions that strengthen Pakistan’s infrastructure and long-term economic foundations.”