UBL and Meezan Bank lead Pakistan’s largest private sector Islamic financing of Rs133bn

KARACHI: 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 Rs 133 billion. 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. The proceeds are being used to partially finance scheduled payments to PMCL under the Scheme of Arrangement. Through the acquisition of 10,617 cellular towers, Deodar has become Pakistan’s largest independent TowerCo.

The successful closing of the transaction was recently marked at a ceremony hosted by Engro Corporation at the TDF MagnifiScience Centre in Karachi, attended by Jameel Ahmad, Governor, State Bank of Pakistan, Hussain Dawood, Chairman, Engro Holdings, Muhammad Jawaid Iqbal, President & CEO, UBL and senior representatives from UBL, the Engro Group and participating financial institutions.

Muhammad Jawaid Iqbal, President & CEO of UBL remarked on the occasion, “This financing reflects the trust placed in UBL to lead complex, high-impact transactions. 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.”

Copyright Business Recorder, 2026