Karachi, October 31 2024: Jazz, Pakistan’s leading digital operator, has successfully concluded its second unsecured, privately placed short-term Sukuk issuance of PKR 15 billion. This milestone strengthens investor confidence in Jazz’s market leadership and innovative approach to financing within Pakistan’s telecom sector.
The Sukuk issuance was significantly oversubscribed, with a 4x demand from the non-bank market, reflecting strong market confidence. Supported by Askari Bank, the issuance stands as the largest short-term instrument in Pakistan’s telecom industry, setting new benchmarks in the Islamic capital markets.
Proceeds from this Sukuk will accelerate Jazz’s 4G network expansion, aligning with the company’s vision of “4G for All.” With a commitment to bridging the digital divide, Jazz aims to bring world-class digital services to over 71.5 million customers across Pakistan, ensuring that every Pakistani—regardless of location, gender, or socioeconomic status—can access transformative digital solutions.
Commenting on the successful conclusion of the second Sukuk issuance, Farrukh Khan, CFO of Jazz, stated: “The successful issuance of this Sukuk not only marks a significant milestone in our journey towards becoming a leading ServiceCo but also underscores the strong investor confidence in our strategy and vision. With this funding, we are poised to enhance our digital infrastructure and accelerate the expansion of our 4G network. Our commitment to bridging the digital divide is rooted in our mission to transform lives and livelihoods through technology, ensuring that every Pakistani can access essential digital services and contribute to the country’s socio-economic development.”
Building on the success of Jazz’s previous Sukuk issuance, which earned two prestigious global awards from Euromoney 2024 (Best Sukuk Deal – Pakistan) and Asian Banking & Finance 2024 (Innovative Deal of the Year – Pakistan), this issuance further solidifies the company’s leadership in innovative financing solutions.
