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We were proud to present Khudmukhtar Khatoon, Pakistan’s first Shariah-compliant, asset-based financing solution for women, at Karandaaz Pakistan Driving Systemic Change for Women’s Economic and Digital Inclusion event.

It was an honour to share our vision alongside industry leaders and representatives from Jazz, Mobilink Microfinance Bank, UN Women, and other organizations working towards greater economic inclusion for women.

A special thank you to Karandaaz Pakistan for believing in the potential of Khudmukhtar Khatoon and supporting a vision that is now helping women access financing on their own terms. We are proud to be translating that trust into impact, enabling women not only to become entrepreneurs but to use their ikhtiar to become truly khudmukhtar.

Because real financial inclusion is about more than access to finance, it is about creating lasting, systemic change.

As Pakistan’s first Shariah-compliant nano-financing platform, Hakeem represents an evolution in fintech thinking. Rather than adapting traditional lending into a digital experience, it was built to provide an alternative financing model rooted in ethical, trade-based principles. In doing so, it addresses a longstanding gap within Pakistan’s financial landscape, offering individuals and small businesses access to financing that aligns with their beliefs while bringing more people into the formal economy.

What makes that vision particularly compelling is the technology powering it.

Hakeem combines seamless digital onboarding, e-KYC, AI-powered credit assessment, and intelligent decision-making to make alternative financing simple, accessible, and scalable. For individuals with limited or no conventional credit history, technology enables faster and more informed assessments, while a robust Shariah governance framework ensures that innovation never comes at the expense of compliance. It is a reminder that technology does not have to compromise ethical finance; it can strengthen it.

The significance of this year’s global acknowledgment is also reflected in the diversity of innovation emerging from Pakistan’s fintech ecosystem.

Platforms like JazzCash have fundamentally changed the way millions of Pakistanis interact with financial services, making digital payments and mobile financial solutions part of everyday life. That widespread adoption has helped build trust in digital finance and created the foundation upon which newer forms of innovation can flourish. Alongside that progress, Hakeem is helping expand the conversation beyond payments by making alternative, Shariah-compliant financing digitally accessible. Together, they reflect an ecosystem that is solving different financial challenges while moving toward the shared goal of greater financial inclusion.

Hakeem’s journey reflects that broader evolution.

Rather than seeking to replicate what others have already built, the platform has remained focused on a distinct mission: expanding access to ethical financing while continuously learning from institutions that have spent decades establishing best practices in Islamic finance and financial services. Its partnerships with organisations such as EFU Life and Karandaaz Pakistan demonstrate a philosophy that meaningful innovation is rarely built in isolation. It is strengthened through collaboration, shared expertise, and a willingness to build upon proven foundations.

Perhaps that is what makes this global milestone especially significant.

It is not simply an acknowledgment of technological innovation, but of a platform committed to solving a real financial inclusion challenge through purpose-led innovation. Hakeem’s ambition has never been to digitise finance for the sake of convenience alone. It is to make finance more inclusive, more ethical, and more relevant to the communities it serves.

As Pakistan’s fintech ecosystem continues to mature, its greatest contribution may not be the speed with which it digitises financial services, but the diversity of solutions it creates. If the first chapter of fintech was about bringing more people into the financial system, the next chapter is about ensuring that the system offers choices that truly serve them.

Hakeem is helping shape that future one where technology does not simply digitise finance, but makes it more ethical, more inclusive, and more meaningful for the people it serves.

Walee Financial Services has announced a strategic partnership with EFU Life through its Islamic digital nano-financing platform, Hakeem, to distribute affordable Takaful solutions, providing Shariah-compliant financial protection and inclusion opportunities for families across Pakistan.

With over 1.3 million downloads in its first year, the partnership connects Hakeem’s rapidly expanding digital user base with EFU Life’s trusted portfolio of Takaful products. Together, they aim to make access to financial protection simpler, more transparent, and easier for millions of Pakistanis seeking inclusive solutions.

Through this collaboration, Hakeem will offer a suite of innovative Takaful products designed by EFU Life to provide comprehensive life and health protection tailored to its users’ needs. The portfolio includes plans covering natural and accidental death, hospitalization, disability, and critical illness, along with income continuation and family support benefits, ensuring long-term financial stability and peace of mind.

Commenting on the partnership, Mr. Azeem Iqbal Pirani, Executive Director and COO of EFU Life, added:

“Hakeem represents a forward-thinking partner with a clear vision for empowering underserved communities through Shariah-compliant financial solutions. We are excited about the potential this partnership holds and look forward to seeing it evolve into a model for how digital innovation and Takaful can help masses across Pakistan”.

The initiative introduces EFU Life’s Takaful protection offerings directly into the Hakeem Easy Finance mobile app, allowing users to subscribe to Takaful coverage seamlessly without paperwork, branch visits, or complex processes. For many low-income Pakistanis, this represents their first-ever access to formal financial safety nets that align with Islamic principles.

“This collaboration opens the door to a range of future opportunities, including the development of women-focused and savings-oriented Takaful products. Together with Hakeem, we aim to make Shariah-compliant financing and protection more accessible and inclusive, ultimately helping more Pakistanis benefit from ethical financial solutions”, shared Nilofer Sohail, General Manager at EFU Life, highlighting the partnership’s focus on inclusive digital delivery.

Through this partnership, both organizations are helping redefine how Islamic financial products reach underserved markets; transforming what was once a privilege for the few into a right for every household.

Both organizations share a mission to promote financial inclusion grounded in Islamic ethics. Through this collaboration, individuals who previously lacked access to formal insurance can now safeguard their families, income, and health in a manner consistent with their beliefs.

With Hakeem’s strong digital infrastructure and EFU Life’s credibility in the Takaful sector, the partnership delivers a practical model of how innovation and faith can work together to build financial dignity and resilience.

Dr. Rashid Mansoor, Head of Shariah at Walee Financial Services, remarked,

“True financial security is not achieved through transactions, but through trust, transparency, and shared responsibility. Takaful embodies these values, ensuring that protection comes without compromise to faith. Alhamdolillah, this partnership with EFU Life is more than a product launch — it is a step toward nurturing a generation that is financially aware, ethically conscious, and spiritually secure.”

This partnership stands as a milestone in advancing Pakistan’s Islamic finance ecosystem, expanding financial protection to communities historically left outside the system. By combining digital reach with institutional expertise, EFU Life and Hakeem aim to empower millions of low-income families with affordable, faith-aligned financial security.

Noshad Minhas, Chief Executive Officer and Co-Founder of Walee Financial Services (Hakeem), remarked,

“Hakeem is built for underbanked communities, empowering them with access to fair, faith-based finance that helps them move upward on the economic pyramid. Earlier, reaching the lowest segments of society — the most deserving — was not easily possible. With Hakeem’s success and deep digital market penetration, we’re now enabling our partners in Islamic finance to extend their reach through our app. Our collaboration with EFU Takaful marks the first of many such partnerships, making protection and prosperity more inclusive, digital, and truly Shariah-aligned.”

Walee Financial Services first made its mark through Hakeem, Pakistan’s first & only Islamic digital nano-financing platform launched in 2024. Built on an innovative unorganised Tawarruq model, Hakeem trades mobile airtime to make nano-financing fully Shariah-compliant.

Within its first year of operations, Hakeem has achieved millions of downloads and hundreds of thousands of active customers, helping Pakistanis meet their financial needs with ease, dignity, and trust.

Dr. Rashid Mansoor, Head of Shariah at Walee Financial Services, highlighted the broader significance of this achievement for Pakistan’s Islamic fintech ecosystem.

“Alhamdolillah, the SECP’s certification of WFS as a Shariah-compliant company marks a defining milestone for Islamic fintech in Pakistan. It demonstrates that technology and innovation can thrive fully within the bounds of Shariah, free from Riba and grounded in ethical integrity. This achievement reaffirms our conviction that digital finance must serve faith and fairness, setting a precedent for others to build financial solutions that reflect both modern efficiency and divine guidance, In Sha Allah.” he stated.

Mufti Usama Ehsan, Shariah Advisor at Walee Financial Services, also praised the certification as a step toward strengthening Pakistan’s Islamic finance identity.

“I am honored to be part of Pakistan’s first SECP approved unorganised Tawarruq model and one of the few Shariah-compliant NBFCs. This innovation sets a valuable precedent for the industry. With strong Shariah governance and visionary leadership, In sha Allah, it will grow into a model that strengthens Islamic finance.”

Building on this milestone, Walee Financial Services is preparing to launch a diverse portfolio of Shariah-compliant digital products, including solutions in takaful distribution, remittance financing, women and MSME empowerment, and community-based financing. Each initiative is designed to strengthen financial resilience and expand access to Islamic finance across Pakistan.

As a multi-country Islamic financing platform in the making, Walee Financial Services aims to bring faith-aligned innovation to new markets, with Pakistan as its first and foundational base. Alongside product innovation, the company is also advancing financial literacy initiatives to help consumers and SMEs better understand and benefit from Islamic finance, empowering communities and contributing to a fair, inclusive economy.

Speaking on the achievement, Noshad Minhas, Chief Executive Officer of Walee Financial Services, reaffirmed the company’s mission to build ethical financial systems that are both innovative and inclusive.

“We are deeply grateful to the SECP for their continued efforts to advance 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, Walee Financial Services aims to lead by example and help enable the transformation of financial institutions and businesses toward fully Shariah-compliant models,” he said.

With SECP’s endorsement, Walee Financial Services is now well positioned to expand its presence in Pakistan’s growing Islamic finance market. The company aims to build a sustainable ecosystem of Shariah-compliant digital products that empower consumers, create opportunity, and promote financial justice.