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 completed in the country. The landmark deal represents a major step forward for Pakistan’s financial markets and highlights the growing ability of local institutions to structure and execute complex, large-scale derivative transactions in local currency.
The long-dated interest rate swap allows JazzWorld to hedge its exposure to interest-rate volatility linked to its PKR-denominated borrowings. Through this transaction, the company has enhanced cash-flow certainty and improved financial predictability over the medium to long term. By proactively managing interest-rate risk, JazzWorld is strengthening the resilience of its balance sheet while maintaining the flexibility needed to support continued investment in digital connectivity, network modernization, and capacity expansion across Pakistan.
The transaction reflects JazzWorld’s disciplined and forward-looking approach to financial risk management. As one of the country’s largest private-sector investors, the company continues to adopt advanced treasury and financial solutions to support sustainable growth. The interest rate swap is aligned with JazzWorld’s long-term strategy of ensuring financial stability while enabling ongoing capital expenditure in critical digital infrastructure that underpins economic activity and nationwide connectivity.
United Bank Limited acted as the sole counterparty and structuring bank for the transaction. Leveraging its strong balance sheet and deep expertise in derivatives, UBL delivered a customized risk-management solution tailored to JazzWorld’s long-term financial objectives. The successful execution of the swap demonstrates UBL’s capability to undertake high-value, sophisticated treasury transactions and reinforces its role as a key player in the evolution of Pakistan’s financial ecosystem.
Commenting on the development, Aamir Ibrahim, Chief Executive Officer of JazzWorld, said that the transaction reflects the company’s disciplined approach to financial risk management and long-term value creation. He noted that by proactively hedging interest-rate exposure, JazzWorld is strengthening cash-flow certainty while continuing to invest in Pakistan’s digital connectivity infrastructure and future-ready network capabilities.
In his remarks, Muhammad Jawaid Iqbal, President and CEO of United Bank Limited, stated that the landmark interest rate swap transaction would help pave the way for the development of Pakistan’s interest rate swap and broader derivatives market. He added that the deal signals UBL’s readiness to pursue more ambitious and high-impact opportunities in the future, and expressed confidence that other banks would now be encouraged to undertake larger derivative transactions, contributing to market depth and sophistication.
The transaction also serves as a clear indicator of the growing maturity of Pakistan’s local financial markets. The ability to execute a long-dated, PKR-denominated interest rate swap of this scale reflects increasing confidence, technical capacity, and risk appetite within the domestic banking and corporate sectors. Such developments are critical for expanding the range of financial instruments available to corporates and for improving overall market stability.
JazzWorld has maintained a strong presence in Pakistan for over three decades and has invested more than USD 10.9 billion in the country to date. The company serves over 72 million subscribers, including approximately 55 million 4G users, and continues to play a central role in enabling digital access, supporting economic growth, and expanding nationwide connectivity.
By completing Pakistan’s largest-ever interest rate swap, JazzWorld has reinforced its leadership in adopting advanced financial solutions, while UBL has underscored its position as a key enabler of market-shaping treasury transactions. Together, the transaction contributes to the depth, stability, and long-term development of Pakistan’s financial markets.
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