KARACHI: Jazz, a major telecom operator in Pakistan, completed its second unsecured, privately placed Sukuk issuance, raising PKR 15 billion. This short-term Sukuk, backed by Askari Bank, was oversubscribed by four times, indicating strong demand from non-bank investors and confidence in Jazz’s market position.
Largest Short-Term Sukuk in Telecom Sector
The Sukuk issuance is the largest short-term financial instrument in Pakistan’s telecom industry. Proceeds from this issuance will fund Jazz’s ongoing 4G network expansion to provide increased digital access across Pakistan. This expansion aims to enhance connectivity for the company’s 71.5 million users, focusing on areas with limited access.
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CFO’s Statement on Funding and Network Expansion
The CFO of Jazz, Farrukh Khan, acknowledged the successful Sukuk issuance as a milestone in advancing the company’s 4G services. He stated that the funds will strengthen Jazz’s infrastructure and support the company’s broader goal of improving nationwide digital accessibility.
Previous Sukuk and Industry Recognition
This issuance follows Jazz’s previous Sukuk, which earned international awards, including Euromoney’s “Best Sukuk Deal – Pakistan” and Asian Banking & Finance’s “Innovative Deal of the Year – Pakistan” in 2024. This latest issuance further cements Jazz’s role in leveraging capital markets for telecom development in Pakistan.
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