Pakistan has taken a major step toward strengthening women’s participation in the economy with the launch of Khudmukhtar Khatoon — the country’s first fully Shariah-compliant digital asset-financing platform tailored for women entrepreneurs. The initiative is a result of a strategic partnership between Karandaaz Pakistan and Walee Financial Services, formalized through a signing ceremony attended by senior leadership from both organizations.
The Khudmukhtar Khatoon program has been designed to address one of the most persistent challenges faced by women in Pakistan — limited access to formal, growth-oriented finance. Instead of offering traditional cash loans, the model focuses on asset-based financing, allowing women to directly acquire productive business assets required to launch or expand their enterprises. By linking financing to tangible tools and resources, the program ensures that financial support leads to measurable business outcomes rather than temporary liquidity relief.
The project’s framework adopts a unique tier-based approach that categorizes entrepreneurs into four distinct levels based on their documentation, financial history, and business maturity. This inclusive model opens opportunities for women at various stages of their entrepreneurial journey — from home-based startups with minimal paperwork to well-established enterprises operating within formal structures. Each tier receives tailored asset-financing solutions, ensuring that support aligns with the entrepreneur’s current capacity and future potential.
Initially, the initiative is being launched as a Minimum Viable Product (MVP) targeting key women-dominated sectors such as apparel and tailoring, food services, and beauty and wellness businesses. These sectors were chosen for their scalability, high employment potential, and strong track record of female participation. The MVP phase will serve as a testing ground to evaluate market demand, operational efficiency, and the overall feasibility of the Shariah-compliant financing model before scaling it nationwide.
Speaking at the ceremony, Waqas ul Hasan, CEO of Karandaaz Pakistan, emphasized that Khudmukhtar Khatoon aligns with Pakistan’s national development agenda and the Gates Foundation’s focus on women’s financial inclusion. “Through Khudmukhtar Khatoon, Karandaaz is proud to pioneer a model that addresses women’s financing needs in a way that reflects our social values and supports inclusive economic growth. This collaboration with Walee Financial Services is a vital step toward empowering women as active contributors to Pakistan’s economy,” he stated.
Noshad Minhas, CEO and Co-Founder of Walee Financial Services, described the partnership as a turning point in the landscape of Islamic fintech. “Khudmukhtar Khatoon empowers women with dignity, choice, and opportunity. This innovative, Shariah-compliant model has the potential to redefine access to finance for women entrepreneurs in Pakistan and beyond,” he said.
Sharjeel Murtaza, Chief Digital Officer at Karandaaz Pakistan, added that the project goes beyond financial inclusion by promoting sustainable empowerment. “Financial inclusion must not stop at access; it must create pathways for women to lead. Khudmukhtar Khatoon reflects our mission to bridge financial gaps and support women in becoming successful business leaders.”
The pilot phase will serve as a proof of concept for Pakistan’s first women-focused, Shariah-compliant asset-financing model. It aims to generate actionable insights into women’s financial needs, business growth patterns, and the operational dynamics of Islamic digital financing. The long-term objective is to scale the program nationally and embed it as a sustainable solution for women’s entrepreneurship.
By merging digital innovation, Islamic finance principles, and gender inclusion, Khudmukhtar Khatoon aspires to transform Pakistan’s financial landscape, setting a new benchmark for faith-based and socially responsible fintech solutions that foster inclusive growth and sustainable empowerment for women across the country.
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