Engro Corp. on Friday announced the completion of a PKR133 billion ($480 million) transaction structured entirely through Islamic financing, marking one of Pakistan’s largest Shariah-compliant deals and strengthening the company’s telecom infrastructure portfolio.

The financing enabled Engro to add Deodar and over 10,000 telecom towers to its portfolio, a move the company said would support Pakistan’s digital transformation and align with the country’s push toward a fully Islamic banking system.

A ceremony marking the deal was attended by bank presidents, legal and financial advisers, Engro executives, and State Bank of Pakistan Governor Jameel Ahmad. Speaking at the event, Ahmad praised the collaboration behind the transaction and highlighted the role of telecom connectivity in expanding digital finance and financial inclusion.

“My congratulations to the Dawood family and Engro, the Islamic bankers and conventional banks through their Islamic windows, on being able to put together a deal of this size,” Ahmad said, noting that the transaction reflects growing confidence in Islamic banking in Pakistan.

Engro executives said the acquisition supports a shared telecom infrastructure model, allowing a single tower to serve multiple mobile network operators. This approach reduces duplication and costs in a capital-intensive sector, with each tower valued at roughly $50,000.

Company officials added that local ownership of critical telecom infrastructure strengthens Pakistan’s ability to manage and shape its digital future.

The transaction was backed by several banks, with United Bank Ltd. and Meezan Bank playing key roles in structuring the Islamic financing, highlighting the increasing depth and capability of Pakistan’s Shariah-compliant financial system.

Engro Chairman Hussain Dawood said the deal reflects values-driven leadership and a long-term commitment to national development, reinforcing the company’s alignment with Pakistan’s priorities in digital and financial transformation.