Month: October 2024

Walee Financial Services Pvt Ltd. proudly introduces Pakistan’s first Islamic nano-financing product, offering interest-free (riba-free) nano-finance through a unique commodity-based trade structure under its fintech brand Hakeem©. This innovative product embodies the ethos of “سود نہیں تجارت,” emphasizing a commitment to ethical financing that aligns with Islamic principles.
With this powerful message, Walee aims to provide accessible financial solutions that empower individuals and promote sustainable economic growth. The goal is to provide an ethical financial alternative to individuals, promoting equitable financial inclusion in Pakistan.

At the heart of Walee Financial Services’ Islamic nano-financing product lies a Tawarruq-based structure, that is executed in an un-organized form. In this model, customers participate in a commodity trade process to secure financing without the involvement of interest. This innovative product ensures that all transactions are free from riba, aligning with the principles of fairness and transparency advocated by Islam.

The launch of this Islamic nano-financing product aligns Walee Financial Services with our religious obligation as Muslims, and the national agenda to eradicate interest-based financial practices. The passage of the 26th Constitutional Amendment Bill, 2024, sets a clear deadline of January 1, 2028, for the complete elimination of riba in Pakistan’s financial system.

By offering Shariah-compliant financing facilities, Walee Financial Services is actively contributing to the country’s mission to transition toward a Shariah-compliant economy. This aligns with the Federal Shariat Court’s ruling that abolishing riba is fundamental for an Islamic financial system, and supports the State Bank of Pakistan’s efforts to promote Islamic finance across the country.

Speaking on the importance of achieving true Shariah compliance, Dr. Rashid Mansoor, Head of Shariah at Walee Financial Services, said,

“This is a momentous achievement in rolling out Islamic Nano-Finance. It has been made possible through the grit, passion, and unwavering faith of our founding team in Islamic finance, highlighting the benefits to society at large. True Shariah compliance has been achieved through cutting-edge technology, supported by esteemed Muftis and Shariah scholars.”

This commitment reflects the Quranic injunction against riba:

“Allah has permitted trade and forbidden riba.” (Surah Al-Baqarah, 2:275)

As Pakistan moves towards a riba-free economy, Walee Financial Services leads this transformation. With Hakeem, Walee offers a groundbreaking financial solution while actively supporting the government’s agenda to eliminate interest-based financial practices. By fostering ethical, Shariah-compliant finance, Walee contributes to sustainable economic growth and financial inclusion, ensuring that Islamic finance serves the needs of Pakistan’s diverse population.

Walee is a powerhouse in media and finance across the MENAPT region. It has seven offices across four countries, manages international sports leagues like the Pakistan Super League (PSL), and represents consumer brands, banks, multinational corporations, and governments. Walee is a proud champion of Islamic banking in Pakistan, pushing for a Riba-free economy. With a 99.9% uptime, it is one of the biggest payment service providers in the region, with its social media platforms attracting 20 million users every month.

Walee Financial Services is a licensed Non-Banking Financial Company (Investment Finance Services) fintech offering innovative financial solutions with a focus on Islamic finance. Through its digital Islamic nano-financing products, Walee Financial Services aims to provide accessible and ethical financial support to individuals and small businesses. By leveraging advanced technology and aligning with Islamic principles, Walee Financial Services empowers communities, promotes financial inclusion, and contributes to sustainable economic development in Pakistan.

Walee Financial Services is proud to announce that its flagship Islamic nano-financing product, Hakeem, has been nominated for the prestigious 2024 Singapore FinTech Festival – FinTech Excellence Awards. Organised by the Monetary Authority of Singapore (MAS) in collaboration with PwC Singapore, these awards recognize trailblazing innovations in the financial technology sector, spotlighting solutions that revolutionise industry practices and promote financial inclusion.

From a competitive pool of over 200 submissions, Hakeem has emerged as one of four finalists in the Emerging FinTech Award category. This nomination highlights Hakeem’s role as a pioneering Shariah-compliant nano-financing solution that significantly improves financial accessibility and inclusion in Pakistan with a plan of global expansion. The nomination aligns perfectly with the festival’s theme, which emphasises practical innovations that foster financial resilience and sustainable growth.

Now in its ninth edition, the Singapore FinTech Festival – FinTech Excellence Awards highlight the most innovative solutions in fintech across six key categories. This year’s awards celebrate initiatives that drive real-world impact, focusing on financial inclusion, technological transformation, and compliance with evolving regulatory standards.

An international panel of experts meticulously evaluated finalists based on five core criteria: Impact, Sustainability, Practicality, Interoperability, Uniqueness and Creativity

Sopnendu Mohanty, Chief FinTech Officer of MAS, expressed his appreciation for the innovative solutions presented by this year’s finalists:

“Congratulations to all the finalists announced today. Your innovations are pushing the boundaries, shaping a more inclusive and dynamic future. It is also heartening to see the strong support for the ‘FinTech Gives Back’ initiative, which continues to drive growth and development in the sector.”

 Walee Financial Services extends warm congratulations to Mr. Mohanty on his recent appointment as Chief FinTech Officer of the newly established Global Fintech Innovation Network, recognizing his leadership in advancing global fintech innovation.

The winners of the 2024 FinTech Excellence Awards will be revealed at a ceremony during the Singapore FinTech Festival on 7 November 2024. Finalists will also have the opportunity to engage with leading corporates, investors, and mentors during exclusive networking sessions aimed at refining and scaling their solutions.

Noshad Minhas, CEO & Co-Founder of Walee Financial Services, said of the nomination:

“Hakeem’s nomination is a testament to our unwavering commitment to empowering underserved communities in Pakistan and beyond with easy, accessible, and ethical financial services. Being recognized on this global platform reinforces our vision of ‘financially enabling global communities’ through technology-driven financial inclusion.”

Hakeem is Walee Financial Services’ Islamic nano-financing product, offering a digital-first, Shariah-compliant financing solution designed for rapid disbursement and easy access. The product supports financial inclusion by providing tailored nano-finance to individuals, empowering them with financial flexibility while aligning with Islamic principles.

Walee Financial Services recently participated in GITEX Global 2024, one of the largest and most influential technology events in the world, held in Dubai from October 16-20. Themed “Global Collaboration to Forge a Future AI Economy,” this year’s event attracted over 44,000 attendees from more than 180 countries, including prominent tech leaders and innovators across various sectors​.

GITEX Global 2024 featured extensive exhibition halls and various segments, such as Expand North Star, focusing on connecting startups with potential investors, and Fintech Surge, highlighting the latest advancements in financial technology. This year’s event placed a significant emphasis on the integration of artificial intelligence in transforming business models, promoting sustainable tech solutions, and facilitating digital transformation in the UAE​.

Walee Financial Services leveraged this opportunity to engage with industry leaders, exchange ideas, and explore potential collaborations that align with its mission of driving financial inclusion and innovation in the fintech sector. The event provided invaluable networking opportunities for Walee, enabling the team to forge connections with investors and other stakeholders crucial for the company’s growth trajectory.

Walee Financial Services has consistently positioned itself at the forefront of fintech innovation, particularly in nano financing. The company’s participation in GITEX underlines its commitment to revolutionising financial services through technology-driven solutions. The emphasis on collaboration at this year’s GITEX resonated with Walee Financial Service’s goals, particularly in enhancing its offerings and expanding its market reach.

As the fintech landscape continues to evolve, events like GITEX Global 2024 serve as essential platforms for companies like Walee Financial Services to showcase their innovations and solidify their presence in the competitive market.