UBL arranges short-term, rated, unsecured Sukuk of Rs25bn for Engro Fertilizers

KARACHI: United Bank Limited (UBL), acting as Mandated Lead Advisor and Arranger, has successfully arranged Pakistan’s largest short-term, rated, unsecured, privately placed Sukuk, raising Rs 25 billion for Engro Fertilizers Limited.

The landmark transaction represents another significant milestone in Pakistan’s Islamic capital markets and reinforces UBL’s position as a leading arranger of innovative Shariah-compliant financing solutions for the country’s corporate sector.

Following the successful closure of one of the largest private-sector Islamic financing transactions in Pakistan for the Engro Group’s Deodar acquisition, UBL once again partnered with the Group to deliver a market-leading Islamic financing solution. To commemorate the successful completion of the Sukuk issuance, a ceremony was held at the Engro office, attended by representatives of Engro Group and United Bank Limited.

The event was attended by Farooq Barkat Ali, Group CFO, Engro Holdings; Muhammad Imran Khalil, CFO, Engro Fertilizers Limited, Nadia Tabassum, Group Executive - Corporate & Investment Banking Group, UBL; Mishal Quadri, Head of Investment Banking, UBL; and members of their respective teams.

The transaction was placed in the non-bank market and received an exceptionally strong response from investors, achieving an oversubscription of approximately two times the issue size. The overwhelming participation reflects investor confidence in both the credit quality of Engro Fertilizers Limited and UBL’s expertise in structuring and executing capital market transactions.

Executed within an accelerated timeline, the Sukuk demonstrates UBL’s ability to provide efficient and innovative financing solutions tailored to the evolving needs of Pakistan’s leading corporates. The successful issuance also contributes to the continued development and deepening of the country’s Islamic debt capital markets.

As one of Pakistan’s leading financial institutions, UBL remains committed to facilitating transformative transactions that strengthen capital markets, support economic growth and promote the adoption of Islamic financial instruments across the country.

Copyright Business Recorder, 2026