Islamabad, January 19, 2026 – Jazz has successfully executed a Rs75 billion Interest Rate Swap (IRS) with United Bank Limited (UBL), marking the largest IRS transaction in Pakistan’s history.
This landmark deal highlights Jazz’s proactive approach to financial risk management and signals a major step forward for Pakistan’s domestic financial markets. The long-term IRS allows Jazz to hedge interest-rate volatility on rupee-denominated borrowings, ensuring greater cash-flow predictability and strengthening balance-sheet resilience.
By managing interest-rate exposure effectively, Jazz maintains financial flexibility to continue investing in network modernization, capacity expansion, and national connectivity infrastructure. The transaction also underscores the increasing sophistication of Pakistan’s financial markets, demonstrating local institutions’ ability to structure complex derivative solutions in the domestic currency.
UBL acted as the sole counterparty and structuring bank, leveraging its expertise to deliver a customized risk management solution aligned with Jazz’s long-term strategy.
Aamir Ibrahim, CEO of Jazz, commented: “This transaction strengthens cash-flow certainty while supporting our continued investment in Pakistan’s digital connectivity and future-ready network capabilities.”
UBL President & CEO Muhammad Jawaid Iqbal added that the deal paves the way for developing Pakistan’s IRS and derivatives market, encouraging other banks to undertake large-scale derivative transactions.
Jazz, one of Pakistan’s largest private-sector investors with over USD 10.9 billion in cumulative investments, serves more than 72 million subscribers, including 55 million 4G users, playing a pivotal role in digital access and nationwide connectivity.
This historic IRS reinforces Jazz’s leadership in advanced financial solutions while highlighting UBL’s contribution to market-shaping, high-impact treasury transactions that strengthen Pakistan’s financial ecosystem.