A banking consortium led by The Bank of Punjab, in partnership with InfraZamin Pakistan Limited, has achieved the financial close of a PKR 4.76 billion 10-year Islamic syndicated term finance facility for Air Link Communication Limited and Select Technologies Limited. The financing will support the expansion of smartphone, consumer electronics, and home appliance manufacturing at the Sundar Green Special Economic Zone, boosting local production, employment, and Pakistan’s industrialization agenda.
KARACHI: A consortium of leading financial institutions, managed by The Bank of Punjab (BOP) and supported by InfraZamin Pakistan Limited, has successfully closed a PKR 4.76 billion 10-year Islamic Syndicated Term Finance Facility for Air Link Communication Limited and its wholly owned subsidiary Select Technologies Limited.
The financing will fund the expansion of advanced manufacturing facilities at the Sundar Green Special Economic Zone, strengthening Pakistan’s domestic production of smartphones, consumer electronics, and home appliances while supporting the country’s import substitution and industrial development strategy.
Banking Consortium Backs Landmark Islamic Financing
The financing consortium comprises The Bank of Punjab, Askari Bank Limited, BankIslami Pakistan Limited, and Pak China Investment Company Limited, which acted as Mandated Lead Advisors and Arrangers (MLAAs).
InfraZamin Pakistan Limited provided a PKR 3.57 billion credit guarantee, enabling the companies to secure a 10-year financing facility with improved pricing and an extended repayment tenure.
The Bank of Punjab also served as the Intercreditor Agent, Investment Agent, Security Agent, Account Bank, and Shariah Advisor for the transaction.
Expansion to Boost Local Manufacturing
The financing will enable Air Link and Select Technologies to expand manufacturing capacity for smartphones, consumer electronics, and home appliances at the Sundar Green Special Economic Zone.
The investment is expected to support Pakistan’s industrialization goals by increasing local production and reducing reliance on imported electronic products.
As part of the project, a 1-megawatt solar power plant will also be installed to lower operating costs while reducing carbon emissions by an estimated 700 tonnes annually.
Project to Produce Over One Million Smartphones Annually
According to the companies, the expanded facility is expected to manufacture more than one million affordable smartphones each year, helping improve digital access and internet connectivity across Pakistan.
The project is also expected to create approximately 450 direct jobs within five years, with 25% to 30% of positions reserved for women, promoting greater female participation in Pakistan’s manufacturing sector.
Air Link Strengthens ‘Made in Pakistan’ Vision
Air Link Communication Limited is one of Pakistan’s leading technology companies engaged in the distribution, retail, and manufacturing of mobile phones and consumer electronics.
The company partners with several global brands, including Samsung, Apple (Authorized Reseller), Xiaomi, TECNO, itel, Acer, and iMiki.
Its subsidiary, Select Technologies Limited, manufactures smartphones and consumer appliances locally through partnerships with Xiaomi and Hisense. The transaction follows Select Technologies’ successful Initial Public Offering (IPO), reflecting growing investor confidence in Pakistan’s electronics manufacturing sector.
CEO Says Financing Will Drive Innovation and Employment
Commenting on the transaction, Muzzaffar Hayat Piracha, Chief Executive Officer of Air Link Communication Limited, said the financing would accelerate the company’s “Made in Pakistan” strategy.
He said the 10-year financing facility backed by InfraZamin would support innovation, product expansion, and the creation of direct and indirect employment opportunities, particularly for Pakistan’s youth and women.
InfraZamin Highlights Industrial Growth
Maheen Rahman, Chief Executive Officer of InfraZamin Pakistan Limited, said the financing would strengthen local manufacturing, improve digital inclusion, generate employment, and create export opportunities.
She noted that collaboration between commercial banks and development finance institutions demonstrates how innovative financing structures can support sustainable industrial investment.
Banks Call Transaction a Milestone for Islamic Finance
Officials from The Bank of Punjab, Askari Bank, BankIslami Pakistan, and Pak China Investment Company described the transaction as a landmark achievement for Pakistan’s industrial financing landscape.
They said the blended finance structure, supported by InfraZamin’s credit guarantee, demonstrates the growing role of innovative Islamic financing solutions in mobilizing long-term private capital for strategic industrial investments.
The consortium added that the transaction establishes a new benchmark for Islamic syndicated financing while reinforcing confidence in Pakistan’s manufacturing sector and sustainable economic development.