KARACHI – January 19, 2026 : 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 Pakistan. The landmark transaction represents a significant advancement for Pakistan’s financial markets and reflects JazzWorld’s disciplined, 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, enhancing cash-flow certainty and financial predictability over the medium to long term. By proactively managing interest-rate risk, JazzWorld strengthens balance-sheet resilience while preserving financial flexibility to support sustained investment in national connectivity infrastructure, network modernization, and capacity expansion.
The transaction also signals the growing maturity of Pakistan’s local financial markets, demonstrating the ability of domestic institutions to structure and execute complex, large-scale derivative solutions in local currency. United Bank Limited acted as the sole counterparty and structuring bank, leveraging its strong balance sheet and derivatives expertise to deliver a tailored risk-management solution aligned with JazzWorld’s long-term financial strategy.
Commenting on the development, Aamir Ibrahim, Chief Executive Officer, JazzWorld, said, “This transaction reflects JazzWorld’s disciplined approach to financial risk management and long-term value creation. By proactively hedging interest-rate exposure, we are strengthening cash-flow certainty while continuing to invest in Pakistan’s digital connectivity infrastructure and future-ready network capabilities.”
In his address to the audience, Mr. Muhammad Jawaid Iqbal, President & CEO United Bank Limited, mentioned that the landmark IRS transaction will pave the way for development of the interest rate swap and derivative market in Pakistan. He added that the deal signaled UBL’s readiness to pursue more ambitious and high-impact opportunities in the future, and expected that other banks will also now come forward to undertake large derivative transactions.
JazzWorld is among Pakistan’s largest private-sector investors, with over three decades of presence and cumulative investments exceeding USD 10.9 billion. The company serves over 72 million subscribers, including approximately 55 million 4G users, and continues to play a foundational role in enabling digital access, economic activity, and nationwide connectivity.
This transaction further reinforces JazzWorld’s leadership in adopting advanced financial solutions while underscoring UBL’s role in supporting high-impact, market-shaping treasury transactions that contribute to the depth, stability, and sophistication of Pakistan’s financial ecosystem.
