United Bank Limited (UBL), acting as Mandated Lead Advisor and Arranger, has successfully arranged Pakistan’s largest short‑term, rated, unsecured, privately placed Sukuk, raising Rs25 billion for Engro Fertilizers Limited. The landmark transaction represents a significant milestone in Pakistan’s Islamic capital markets and reinforces UBL’s position as a leading arranger of innovative Shariah‑compliant financing solutions for the corporate sector.
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Following the successful closure of one of the largest private‑sector Islamic financing transactions in Pakistan for the Engro Group’s Deodar acquisition, UBL once again partnered with the Group to deliver a market‑leading Islamic financing solution.
| Transaction Detail | Information |
|---|---|
| Issuer | Engro Fertilizers Limited |
| Arranger | United Bank Limited (UBL) |
| Instrument | Short‑term, rated, unsecured, privately placed Sukuk |
| Amount | Rs25 billion |
| Structure | Shariah‑compliant |
| Market Response | Oversubscribed ~2x |
| Significance | Largest of its kind in Pakistan |
Strong Investor Response
The transaction was placed in the non‑bank market and received an exceptionally strong response from investors, achieving an oversubscription of approximately two times the issue size. The overwhelming participation reflects investor confidence in both the credit quality of Engro Fertilizers Limited and UBL’s expertise in structuring and executing capital market transactions.
Commemorative Ceremony
To mark the successful completion of the Sukuk issuance, a ceremony was held at the Engro office, attended by representatives of Engro Group and United Bank Limited. Key attendees included:
- Farooq Barkat Ali – Group CFO, Engro Holdings
- Muhammad Imran Khalil – CFO, Engro Fertilizers Limited
- Nadia Tabassum – Group Executive, Corporate & Investment Banking Group, UBL
- Mishal Quadri – Head of Investment Banking, UBL
Accelerated Execution
Executed within an accelerated timeline, the Sukuk demonstrates UBL’s ability to provide efficient and innovative financing solutions tailored to the evolving needs of Pakistan’s leading corporates. The successful issuance also contributes to the continued development and deepening of the country’s Islamic debt capital markets.
About United Bank Limited
United Bank Limited (PSX: UBL) is one of Pakistan’s largest commercial banks, offering a comprehensive range of banking products and services to retail, corporate, and institutional clients. UBL is committed to facilitating transformative transactions that strengthen capital markets, support economic growth, and promote the adoption of Islamic financial instruments across the country.
About Engro Fertilizers Limited
Engro Fertilizers Limited is a subsidiary of Engro Holdings and a market leader in Pakistan’s fertilizer industry. The company manufactures and markets a comprehensive range of crop nutrients, playing a critical role in supporting the country’s food security and agricultural productivity.
