Walee Financial Services Introduces Pakistan’s First Islamic Nano Financing Product
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.
Commodity Trade as the Foundation of Shariah Compliance
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.
Contributing to Pakistan’s Riba-Free Future
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.
Shariah Board’s Role in Designing the Product
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)
Supporting Pakistan’s Economic Transformation
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.
Background of Walee Group
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.
Background of Walee Financial Services
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.
Download the Hakeem App:
Android:
Google Play Store
iOS:
Apple App Store
For press inquiries, contact:
press@hakeem.tech
For further information about Walee and its financial services, please visit www.walee.pk.
Monetary Authority of Singapore Nominates Hakeem App for 2024 Singapore Fintech Excellence Awards
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.”
About Hakeem by Walee Financial Services
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.
About the Singapore FinTech Festival Excellence Awards
The FinTech Excellence Awards, organised by the Monetary Authority of Singapore (MAS), in collaboration with the Singapore FinTech Association (SFA) and PwC Singapore, recognize fintech innovations that open new growth avenues, enhance financial inclusion, and improve service delivery. Now in its ninth year, the awards feature categories that evolve with the latest trends, including AI and Quantum Technology, to reflect advancements in the sector.
Walee Financial Services is honoured to be among the distinguished nominees and is excited to contribute to a financially inclusive future, representing Pakistan’s fintech industry on this global stage.
For more information about the finalists and the awards, please visit the official announcement by the Monetary Authority of Singapore (MAS).
For press inquiries, contact:
press@hakeem.tech
For further information about Walee Financial Services, please visit www.hakeem.tech
Walee Financial Services at GITEX Global 2024: Pioneering Innovation in Fintech
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.
Showcasing Innovations and Networking Opportunities
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.
Commitment to Transformative Financial Solutions
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.
Hakeem Partners with National Commission for Human Development to Empower Marginalized Communities
Walee Financial Services is proud to announce a significant partnership with the National Commission for Human Development (NCHD), a leading not-for-profit organization dedicated to advancing the development of marginalized communities in Pakistan. This collaboration aims to enhance access to financial services for blue-collar workers while empowering community leaders as brand ambassadors to foster greater engagement.
About the National Commission for Human Development
The National Commission for Human Development (NCHD) has been instrumental in improving the quality of life for marginalized communities across Pakistan. With 101 Human Development Support Units strategically located in 134 districts, NCHD focuses on providing essential services, including healthcare and education, to underserved populations. Their mission is to ensure that every individual has access to the basic necessities that contribute to a dignified life.
Empowering Blue-Collar Employees
Under this partnership, WFS will offer discounted financing solutions to NCHD’s 2,400+ employees, providing them with much-needed financial support to improve their livelihoods. By offering accessible financing options, WFS aims to help these workers address their financial challenges and achieve greater economic stability.
Community Engagement Through Brand Ambassadors
In addition to providing financial support, NCHD’s unit leaders will serve as brand ambassadors for WFS within their communities. This initiative will help raise awareness about the importance of financial inclusion and promote WFS’s services among the populations they serve. By leveraging the trust and credibility of these community leaders, WFS seeks to create a meaningful impact and facilitate greater access to financial resources for marginalised individuals.
WFS is committed to supporting the development of marginalized communities in Pakistan through strategic partnerships that promote financial inclusion and empower individuals. The collaboration with the National Commission for Human Development is a crucial step towards achieving this goal, and WFS looks forward to working together to create a brighter future for those in need.
Walee Financial Services at ChinaJoy 2024: Navigating the Future of Digital Entertainment and Finance
The Walee Financial Services team attended ChinaJoy 2024, held from July 25 to 28 at the Shanghai New International Expo Center. This year’s event attracted over 350,000 attendees from various sectors, showcasing the rapid convergence of technology, gaming, and finance within the digital entertainment landscape .
Highlights of ChinaJoy 2024
ChinaJoy 2024 featured a diverse array of exhibits and discussions, focusing on trends such as gaming finance, virtual reality, and blockchain technology. Key presentations from industry leaders explored how fintech solutions can enhance user experiences in gaming, including seamless in-game purchases and innovative monetization strategies . The event also spotlighted advancements in artificial intelligence and 5G technology, illustrating their role in shaping the future of digital entertainment .
Networking and Collaboration Opportunities
The event served as a dynamic platform for Walee Financial Services to network with key players in the fintech and gaming sectors. Engaging in collaborative sessions allowed our team to gain insights into the evolving landscape of digital finance and explore potential partnerships that can enhance our offerings in the realm of nano-financing .
The networking sessions fostered meaningful connections, paving the way for discussions on integrating financial services with gaming platforms to drive user engagement and financial inclusion .
Looking Forward
As the digital landscape continues to evolve, Walee Financial Services is committed to staying at the forefront of innovation. Participation in events like ChinaJoy 2024 reinforces our dedication to exploring new avenues within the fintech ecosystem, particularly in enhancing financial accessibility through cutting-edge technology .
By leveraging insights gained from ChinaJoy, we aim to continue transforming the financial experience for our users and remain a key player in the intersection of finance and digital entertainment.
Walee Financial Services Attends Money20/20 Asia 2024: A Gateway to Fintech Innovation
Key Themes and Innovations
Money20/20 Asia focused on critical themes such as cross-border payments, open banking, digital assets, and financial inclusion. Discussions throughout the event highlighted the proactive role of regulators in the Asia-Pacific region, featuring sessions dedicated to the latest trends and regulatory technologies impacting the fintech industry. Industry leaders shared valuable insights on fostering innovation while ensuring consumer protection, underscoring the importance of collaboration in the fintech space
Networking Opportunities
The event provided an invaluable opportunity for Walee Financial Services to connect with key players in the fintech ecosystem, explore partnerships, and engage in discussions about the future of finance. The collaborative atmosphere facilitated deal-making and reinforced the importance of the Asian market in driving global fintech growth.
Looking Ahead
The success of Money20/20 Asia signals a robust future for the fintech sector in the region, with plans already underway for the next event in April 2025
The Walee Financial Services team is eager to leverage insights gained from this event to enhance our offerings and strengthen our position in the dynamic fintech landscape.
Through participation in events like Money20/20 Asia, Walee Financial Services reaffirms its commitment to driving innovation and fostering financial inclusion, aligning with our mission to transform the financial experience for individuals and businesses alike.
Rise of Creator Brands: Surpassing Traditional Brands
The rise of creator brands has helped Social media influencers surpass traditional brands and shake up established systems with their own brands. Influencers interact with their communities regularly, and these communities are extremely loyal. This loyalty is unmatched and gives influencers remarkable selling influence. This strong devotion allows them to build brands as big as their followers.
The Influence of Trust
Traditional advertising methods have seen a decline in effectiveness, with 47% of customers resorting to Adblock technology. In this climate, the power of influencers shines through. Data from MuseFind reveals that a staggering 92% of consumers trust influencers more than traditional advertising or celebrity endorsements. This high level of trust is a testament to the genuine connections that influencers build with their audiences.
MrBeast Burger: An Iconic Example: Jimmy Donaldson, known by his 275 million followers as MrBeast, is a prime example of the influence and reach that a creator-led brand can achieve. A philanthropic YouTuber, Jimmy has not only amassed a massive following but has also leveraged his online presence to create MrBeast Burger, a brand that bridges the gap between the digital and physical worlds. What started as a virtual concept in 2020 quickly grew into a global sensation.
With online locations sprouting across the globe. The brand’s expansion from the digital realm to brick-and-mortar stores, including a world-record-breaking launch in New Jersey, showcases the limitless potential of creator-led brands. It highlights how influencers can translate their digital influence into real-world impact.
In our local context, we have numerous inspiring instances of homegrown influencers who have established their brands. Irfan Junejo, for instance, introduced Scnzcrew, while Laraib Rahim is known for her brand Organic Brown. Additionally, Syeda Urooj Fatima has introduced Serendipitybyrooj, and Waliya Najib has garnered attention with her brand PrelovedbyWaliya. The list continues endlessly with such smart examples.
The rise of these brands challenges the traditional notion of starting with a grand vision. These brands are less focused on a big purpose and more centered around the personality of the creator. They prioritize authenticity, connection, and interactivity with their audience. Video content is the primary communication medium, emphasizing the importance of direct engagement.
Creator brands benefit from their community of loyal followers. These communities provide valuable feedback and secure the product-market fit. As seen in the above cases, an influencer’s understanding of their audience’s preferences and interests drives content creation and brand expansion.
Rise of Creator brand along with Challenges and Rewards
While creator-led brands offer significant advantages, they also come with unique challenges. The creator’s personal brand is closely tied to the success of the brand, making individual decisions critical. Scaling can also be challenging as multiple brands and products enter the picture. However, solid diversification strategies and collaboration with secondary characters from the creator’s universe can alleviate these challenges.
Creator-led brands are rewriting the rules of brand building. They thrive on trust, authenticity, and direct engagement with their communities. The success of MrBeast Burger and other creator-led brands demonstrates the power of influencers to transcend the digital realm and make a significant impact in the real world. As we move forward, it is essential to consider how we can re-strategize our approach to establish and nurture these vital connections with our audience.
YouTube playing games
In 2023, there’s some exciting news for YouTube enthusiasts! Google made headlines at the start of the year when it decided to discontinue its cloud gaming project, Google Stadia. This decision was due to its struggle to gain substantial traction. It faced fierce competition from industry giants like Microsoft’s Xbox Cloud Gaming and Nvidia GeForce Now. According to data shared by the U.K.’s Competition and Markets Authority (CMA), Stadia held a meagre estimated 0-5% share of the cloud gaming market in 2022. In contrast, Nvidia GeForce boasted a considerably larger 20-30% share.
But here’s the exciting twist. Google is reentering the gaming arena, introducing an intriguing concept known as “Playables,” this time via YouTube.
This feature enables users to seamlessly play games on both the desktop website and mobile devices. The Playables section currently restricts access to a select number of users. It signifies an exciting development in the ever-evolving landscape of online entertainment.
In the YouTube Playables, you can find games like Stack Bounce. This game lets you take charge of a 3D ball that bounces on top of rings. Your mission? To click at just the right moment to smash through obstacles. If this game sounds familiar, it’s because Google already includes it in their collection of mini-games known as “GameSnacks.”
To see if you’re one of the chosen ones in this gaming experiment, keep an eye out for the “Playables” section on your YouTube homepage.
It’s nestled among the typical content. This expansion adds yet another layer of entertainment to the YouTube brand. It joins the ranks of short-form videos, movies, video game streams, music, TV services, podcasts, and more.
However, YouTube is not the only streaming platform testing the gaming waters.
Netflix and TikTok entered the gaming industry, offering games to selected audiences. TikTok has even experimented with enabling streamers to play alongside their viewers and has hosted live trivia contests with cash prizes, further blurring the lines between social media and gaming.
The introduction of games into the YouTube experience is transforming user engagement. It holds the potential to create a new avenue for interaction.
In a world where entertainment options continue to expand, YouTube’s foray into gaming signifies its commitment to providing diverse content. It aims to engage its ever-growing audience effectively. As this experimental phase unfolds, it will be fascinating to observe. We’ll witness how this new dimension of YouTube transforms the online entertainment landscape.
EMV: The Key to Driving Sales and Growth
The importance of earned media value (EMV) in today’s marketing landscape cannot be overstated. EMV is a measure of the value of unpaid media coverage, such as mentions in social media, press releases, and blog posts. It can be a powerful tool for brands to measure the impact of their marketing efforts and to track their progress over time.
A powerful way to increase EMV is through creator media/influencer marketing. You can reach a large audience and generate a lot of engagement when a trusted creator or influencer shares positive content about your brand. This can lead to increased brand awareness, website traffic, and sales.
For example, in 2021 Lux partnered with Pakistani actress Mahira Khan to promote its new range of skincare products. Khan shared a series of videos on her social media channels talking about the products and how they had helped her to improve her skin. The campaign was a huge success, generating over 1 million views on social media and driving a significant increase in sales of the products.
Another example of how influencer marketing can boost EMV is the case of Glossier. Glossier is a beauty brand that has built a strong following on social media (2.8M followers). The brand works with a network of influencers to promote its products, and these influencers often create highly engaging content that resonates with Glossier’s target audience. As a result, Glossier has been able to achieve high levels of EMV, which has helped to drive sales and growth.
The food delivery service Foodpanda has also partnered with a number of Pakistani influencers to promote its brand. For example, in 2022, it partnered with the YouTuber Faizan Sheikh to promote its new food delivery service. Sheikh created a series of videos on his YouTube channel talking about the service and how it could help people to order food from their favorite restaurants. The campaign was a success, generating over 1 million views on YouTube and driving a significant increase in orders.
In addition to increasing brand awareness and driving sales, EMV can also help to build trust and credibility with consumers. When consumers see positive content about a brand from trusted sources, they are more likely to be influenced by that content. This can lead to increased brand loyalty and repeat business.
In 2019, Nike partnered with Serena Williams to promote its new Air Max 720 sneaker. Williams shared a video on her social media channels wearing the sneaker, and the post generated over 1 million likes and 50,000 comments. This resulted in a significant increase in sales of the sneaker, and it also helped to boost Nike’s brand image.
A study by Nielsen found that 92% of consumers trust recommendations from people they know, while only 68% trust traditional advertising.
Overall, EMV is a valuable metric for brands to track. By measuring EMV, brands can get a better understanding of the impact of their marketing efforts and make informed decisions about how to allocate their resources. Additionally, EMV can help brands to build trust and credibility with consumers, which can lead to increased sales and growth.
Future Platforms for Influencer Marketing beyond Instagram
BEYOND INSTAGRAM: THE FUTURE PLATFORMS FOR INFLUENCER MARKETING
In Pakistan, marketers often confuse Influencer Marketing for Instagram alone. And yes, Instagram has made it very popular with various storytelling formats such as posts, stores and now the hugely popular reels. But today, let’s venture off the well-worn path and explore the dynamic social landscape in Pakistan. Let’s dive into treasures like Snapchat, TikTok, and SnackVideo, quietly reshaping influencer marketing in Pakistan, and globally.
Tik Tok
👉TikTok, with a 55.50% share of influencer marketing campaigns, has taken the global influencer marketing landscape by storm, surpassing Instagram’s 50.80%. TikTok has also gained significant popularity among marketers, not just in Pakistan but worldwide. It boasts 40+ million users in Pakistan ahead of Instagram by far and yet less than 25% of the Influencer Campaigns include it in Pakistan. Tiktok influencers are better storytellers, have a much bigger reach and deliver amazing Cost per View. Brands can harness TikTok’s creative energy to build meaningful connections and drive growth.
Snapchat
👉 Snapchat, with a whopping 18.8 million users in Pakistan, is unique for its focus on privacy and fleeting content. This appeals to Pakistanis who cherish personal space. Brands can connect with this large and engaged audience, making Snapchat a vital part of influencer marketing strategies.
Snack Video
👉 SnackVideo, with its Snapchat-like appeal, is making waves with ~18 million millennials and Gen Z users. It’s a diverse hub for creators and businesses looking to engage the next generation.
Innovative brands like FoodPanda are already using these platforms for influential marketing campaigns. Meanwhile, giants like Telenor offer specialized data packages for Snapchat, SnackVideo, and TikTok, expanding their digital reach and reshaping marketing in the fast-paced digital age.
Businesses leveraging Snapchat, TikTok, and SnackVideo for their influencer marketing activities can take advantage of video-first content, high reach, and younger audience appeal. To wrap up, uncharted territories lead to the most exciting discoveries. Keep exploring, keep innovating, and keep an eye on these hidden gems as you navigate the Creator Media Space. Happy venturing.