The Securities and Exchange Commission of Pakistan (SECP) has officially certified Walee Financial Services as a fully Shariah-compliant Non-Banking Financial Company (NBFC), marking a major milestone in Pakistan’s journey toward faith-based digital finance. This certification positions Walee Financial Services among a select group of financial institutions in the country that operate entirely within the principles of Islamic finance, ensuring all its future financial products and operations remain free from interest (Riba) and grounded in ethical, transparent, and socially responsible practices.
With this recognition, Walee Financial Services becomes the only NBFC operating in the digital nano-financing space to have received official Shariah-compliant status from SECP. The certification strengthens its position as a pioneering player in Pakistan’s Islamic fintech ecosystem, where it has been at the forefront of merging cutting-edge technology with faith-based financial innovation.
The company first gained prominence through the launch of Hakeem, Pakistan’s first and only Islamic digital nano-financing platform introduced in 2024. Built on an innovative unorganised Tawarruq model, Hakeem uses mobile airtime trading as the underlying asset to make its nano-financing operations fully Shariah-compliant. This approach allows users to access digital finance solutions without engaging in interest-based transactions, maintaining both financial inclusivity and spiritual integrity.
Within just its first year of operation, Hakeem has recorded millions of downloads and attracted hundreds of thousands of active customers across Pakistan. It has empowered users to access micro-financial support with ease and dignity, reflecting the company’s vision to create a trust-based digital finance ecosystem.
Dr. Rashid Mansoor, Head of Shariah at Walee Financial Services, emphasized the broader significance of this certification for the Islamic fintech sector in Pakistan. “Alhamdulillah, the SECP’s certification of WFS as a Shariah-compliant company marks a defining milestone for Islamic fintech in Pakistan. It shows that technology and innovation can operate fully within the bounds of Shariah, free from Riba and grounded in ethical integrity. This certification reaffirms our belief that digital finance must serve faith and fairness, setting a precedent for others to build financial solutions that combine modern efficiency with divine guidance,” he said.
Similarly, Mufti Usama Ehsan, Shariah Advisor at Walee Financial Services, expressed optimism about the certification’s potential to strengthen the Islamic finance ecosystem. “It is an honor to be part of Pakistan’s first SECP-approved unorganised Tawarruq model and one of the few Shariah-compliant NBFCs. With strong Shariah governance and visionary leadership, this model can serve as an example for the entire industry to adopt faith-driven innovation and financial integrity,” he remarked.
Building on this success, Walee Financial Services is preparing to expand its portfolio with a range of Shariah-compliant digital products, including takaful distribution, remittance financing, MSME and women-led business support, and asset-backed financing. Each initiative aims to enhance financial resilience and broaden access to ethical finance across Pakistan’s economy.
The company also plans to scale its operations beyond Pakistan, aspiring to become a multi-country Islamic financing platform. Alongside product innovation, Walee Financial Services is investing in financial literacy programs to help individuals and small businesses understand and benefit from Islamic finance principles, ultimately fostering economic empowerment through ethical and transparent practices.
Commenting on this milestone, Noshad Minhas, Chief Executive Officer of Walee Financial Services, reaffirmed the company’s purpose-driven vision. “We are deeply grateful to the SECP for their continued efforts in promoting financial inclusion and innovation while remaining true to the spirit of Islamic finance. By aligning ourselves with Pakistan’s 2028 vision for the elimination of Riba, we aim to lead by example, helping transform financial institutions and businesses into fully Shariah-compliant models,” he said.
With SECP’s endorsement, Walee Financial Services stands at the forefront of Pakistan’s Islamic fintech revolution, ready to shape a sustainable digital finance ecosystem grounded in faith, fairness, and inclusion. As demand for ethical finance continues to grow, this certification not only strengthens Walee’s market position but also represents a broader step toward a more just and equitable financial future for Pakistan.
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