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With over 200 submissions this year, MAS winners & criteria only eight winners were selected across six award categories by a distinguished panel of global industry experts. Walee Financial Services was recognized among an elite group of winners, including Tencent, one of the world’s largest and most influential FinTech companies. In a memorable moment, Walee was the first company called to the stage to receive this award, highlighting the early success of our Hakeem app. This award is more than an accolade; it is a testament to our relentless dedication to innovation, the power of Islamic finance, and the enduring impact of inclusive, shariah-compliant solutions.
Our journey with Hakeem included the implementation of an unorganized tawarruq model under a classical framework based on the murabaha principle. This innovative approach simplifies access to finance for underserved communities, MSMEs, and consumers. Hakeem offers easy access to funding through a transparent, shariah-compliant model that makes the dream of financial inclusion for all a reality.
Thanks to the support of our shariah advisors, global mentors in Islamic finance, and technology innovations in artificial intelligence and machine learning, this framework has come to life in 2024. This groundbreaking milestone is a testament to the combined efforts of our shariah, tech, operations, finance, customer service, compliance, and business teams who shared this vision.
Acknowledgments to Industry Enablers and Supporters By 2028 Islamic Finance is a must in Pakistan
This achievement could not have been realized without the collaboration of regulators, notably the SECP, who stood firmly against predatory lending practices, enabling ethical, innovative solutions like Hakeem to flourish under clear shariah guidelines. The State Bank of Pakistan and the Ministry of Finance have also played essential roles in creating an ecosystem where Islamic finance can thrive, furthered by the recent 26th constitutional amendment bill to eliminate riba (interest) by 2028. This measure is expected to foster the growth of Islamic banking in Pakistan, creating a positive environment for financial inclusion.
A Personal Reflection: The Evolution of Islamic Finance and the Path Forward Reflecting on the early days of Meezan Bank, Dubai Islamic Bank, Faisal Bank, and Bank Alfalah, I remember the initial challenges and immense innovation that drove these institutions to launch pioneering Islamic financial products. Despite the difficulties of those early years, Islamic banking now leads in customer satisfaction, profitability, and business growth. Today, history is repeating itself with a modern twist. This time, with the integration of advanced technology and the collective experience we’ve built, the journey of Islamic finance is unfolding faster, more efficiently, and with even greater promise. Together, we’re shaping a new era in “Islamic FinTech” to solve real problems on the ground, bringing inclusive, shariah-compliant finance to those who need it most.
As we celebrate this win, we look forward to new avenues of collaboration, particularly with GFTN. Previously known as Elevandi has now evolved with four strategic arms:
Walee is a MarTech and FinTech group that supports brands and creators across the Middle East, North Africa, Pakistan, and Turkey. We deliver technology-driven solutions that build trust, drive growth, and create lasting impact.
Walee is a MarTech and FinTech group that supports brands and creators across the Middle East, North Africa, Pakistan, and Turkey. We deliver technology-driven solutions that build trust, drive growth, and create lasting impact.