Jazz Closes First-Ever Telecom Sukuk at Rs. 15 Billion to Advance its 4G For All Digital Agenda

Pakistan’s leading digital operator, Jazz, announces the successful closure of its Rs. 15 billion Sukuk, marking the first ever and largest short-term unsecured Sukuk by a telecom operator in Pakistan. This will pave the way to an entirely new funding avenue for Jazz to fund its 4G for all digital ambitions, stated a press release issued by the telecom giant. With a 30-year track record in Pakistan and investments exceeding $10.6 billion, Jazz represents one of the country’s largest investors, leading the cellular industry with a 45% revenue market share, while serving over 71.5 million subscribers. With the successful closure of this initiative, Jazz management expresses gratitude to its valued investors for their confidence in the digital operator and its capacity to generate value for investors, customers, and society at large. This Sukuk issue will also contribute to the increased utilization of Shariah-compliant financial instruments in Pakistan’s capital markets.