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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 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 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.

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.

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.

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.

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 .

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 .

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.

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​

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​.

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.

Walee Financial Services proudly participated in LEAP 2024, held from March 4 to March 7 in Riyadh, Saudi Arabia. This event has rapidly established itself as one of the largest tech conferences globally, attracting tech enthusiasts, industry leaders, and innovators from around the world.

Walee Financial Services  is thrilled to announce a strategic partnership with Jacked Nutrition, a leading gym in Islamabad dedicated to promoting health and an active lifestyle. This collaboration aims to empower female blue-collar workers through the Hakeem Female Blue-Collar Workers Digital Credit Inclusion Program, providing guaranteed financing to encourage their participation in the digital financial ecosystem.

Jacked Nutrition is not just a gym; it’s a vibrant community that prioritises health and fitness. With a strong commitment to fostering an active lifestyle, Jacked Nutrition offers a range of fitness programs tailored to help individuals achieve their personal wellness goals. The gym is renowned for its supportive environment, where powerful and determined female employees play a crucial role in inspiring and motivating members.

Through this partnership, Walee Financial Services and Jacked Nutrition aim to uplift and support female blue-collar workers by providing them with the financial tools they need to thrive. The Hakeem Female Blue-Collar Workers Digital Credit Inclusion Program is designed to eliminate barriers to access by offering guaranteed financing specifically for female workers. This initiative encourages their active participation in the digital financial ecosystem, ensuring they have the resources to invest in their futures.

Walee Financial Services  is excited to announce its partnership with ADM Group, a reputable domestic staff and maid providing agency, under the Hakeem Female Blue-Collar Workers Digital Credit Inclusion Program. This collaboration aims to empower female domestic workers who often face financial challenges, providing them with guaranteed access to financing and encouraging their participation in the digital financial ecosystem.

ADM Group is dedicated to connecting families with professional domestic staff, ensuring a reliable and trustworthy workforce. The agency prides itself on offering exceptional service and maintaining strong relationships with both clients and employees. Recognizing the essential contributions of female domestic workers, ADM Group is committed to supporting their well-being and financial stability.

Through this partnership, WFS and ADM Group seek to uplift female domestic workers by offering tailored financial solutions to address their unique needs. The Hakeem Female Blue-Collar Workers Digital Credit Inclusion Program is designed to provide these women with guaranteed financing, enabling them to overcome financial hardships and achieve greater economic independence.

The partnership will focus on creating financial literacy programs and resources for female domestic workers, helping them better manage their finances and make informed decisions. By providing access to financial services, WFS and ADM Group are committed to fostering a supportive environment that encourages women to thrive both personally and professionally.

WFS is proud to collaborate with ADM Group to create a positive impact on the lives of female domestic workers. This partnership highlights the importance of financial inclusion and aims to empower women, enabling them to take control of their financial destinies.

Walee Financial Services is excited to announce its partnership with Leyjao.pk, Pakistan’s leading online shopping portal, under the Hakeem Female Blue-Collar Workers Digital Credit Inclusion Program. This collaboration aims to empower female employees of Leyjao.pk by providing them with guaranteed access to financing and enhancing their participation in the digital financial ecosystem.

Leyjao.pk is a prominent online shopping platform that connects buyers with over 25,000 vendors across Pakistan. With a commitment to supporting local businesses, Leyjao.pk facilitates seamless transactions and delivery of products nationwide, making it a vital player in Pakistan’s e-commerce landscape.

Through this partnership, WFS and Leyjao.pk aim to uplift the female employees of the platform by offering tailored financial solutions that address their unique challenges. The Hakeem Female Blue-Collar Workers Digital Credit Inclusion Program is designed to provide these women with guaranteed financing, enabling them to overcome financial hurdles and achieve greater economic independence.

This partnership will also focus on developing financial literacy programs and support mechanisms for female employees, helping them manage their finances effectively and make informed decisions. By connecting women with essential financial tools, WFS and Leyjao.pk are dedicated to fostering a culture of empowerment and financial independence.

WFS is proud to collaborate with Leyjao.pk to positively impact the lives of female employees within the organisation. This partnership highlights the importance of financial inclusion and aims to empower women to take control of their financial futures.