JazzWorld, Pakistan’s leading integrated digital ServiceCo, has successfully executed a PKR 75 billion Interest Rate Swap (IRS) transaction with United Bank Limited (UBL), marking the largest interest rate swap ever concluded in the country. The transaction represents a significant development for Pakistan’s financial markets and underscores JazzWorld’s forward-looking approach to financial risk management.
The long-dated IRS enables JazzWorld to hedge its exposure to interest-rate volatility on PKR-denominated borrowings, improving cash-flow certainty and financial predictability over the medium to long term. By proactively managing interest-rate risk, the company strengthens balance-sheet resilience while preserving flexibility to continue investing in network modernization, national connectivity infrastructure, and capacity expansion.
The deal also reflects the growing maturity of Pakistan’s local financial markets, demonstrating the capacity of domestic institutions to structure and execute large-scale derivative transactions in local currency. United Bank Limited acted as the sole counterparty and structuring bank, leveraging its balance-sheet strength and derivatives expertise to deliver a tailored solution aligned with JazzWorld’s long-term financial strategy.
Commenting on the development, Aamir Ibrahim, Chief Executive Officer of JazzWorld, said the transaction reflects the company’s disciplined approach to financial management and long-term value creation. He noted that hedging interest-rate exposure enhances cash-flow certainty while supporting continued investment in Pakistan’s digital connectivity infrastructure and future-ready network capabilities.
Meanwhile, Muhammad Jawaid Iqbal, President and CEO of United Bank Limited, stated that the landmark IRS transaction is expected to catalyze the development of the interest rate swap and derivatives market in Pakistan. He added that the deal demonstrates UBL’s readiness to pursue high-impact treasury transactions and is likely to encourage other banks to participate in large-scale derivative solutions.
JazzWorld is among Pakistan’s largest private-sector investors, with more than three decades of operations and cumulative investments exceeding USD 10.9 billion. The company serves over 72 million subscribers, including around 55 million 4G users, and continues to play a key role in enabling digital access, economic activity, and nationwide connectivity.
The transaction further reinforces JazzWorld’s leadership in adopting advanced financial solutions while highlighting UBL’s contribution to strengthening the depth, stability, and sophistication of Pakistan’s financial ecosystem.
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