Engro completes $475m fully Shariah-compliant deal, expands telecom infrastructure portfolio
Engro has closed a $475 million transaction financed entirely through Islamic banking to acquire Deodar’s more than 10,000 telecom towers, marking one of Pakistan’s largest Shariah-compliant deals as the conglomerate expands its digital infrastructure business.
Announcing the development on Tuesday, the company said the acquisition strengthens Pakistan’s domestic ownership of critical telecom assets and supports the shift toward shared tower infrastructure for mobile network operators.
State Bank of Pakistan Governor Jameel Ahmed, speaking at a ceremony marking the transaction, said the deal reflected “the conviction of Hussain Dawood and his family in getting it funded through Islamic banking,” commending the consortium of Islamic and conventional banks’ Shariah windows involved in structuring the financing.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
Muhammad Ali Bandial