Walee Financial Services has earned official certification from the Securities and Exchange Commission of Pakistan (SECP) as a fully Shariah-compliant Non-Banking Financial Company (NBFC)—a distinction achieved by only a select few institutions operating entirely under Islamic finance principles.
This milestone marks Walee Financial Services as the first and only NBFC in Pakistan’s digital nano-financing sector to secure Shariah compliance from SECP. Moving ahead, all financial products introduced under Walee Financial Services will be developed in accordance with Islamic finance frameworks, ensuring that every stage—from concept and design to delivery and operation—embodies fairness, transparency, and social responsibility.
Transforming Ethical Finance: From Nano Beginnings to Broader Impact
Launched in 2024, Hakeem became a defining milestone for Walee Financial Services, introducing Pakistan to its first fully Islamic digital nano-financing platform. By applying an unorganised Tawarruq model, Hakeem transforms mobile airtime into a means of delivering Shariah-compliant nano-financing.
In just its first year, the platform’s impact has been remarkable — millions of downloads, hundreds of thousands of active users, and a growing reputation for providing Pakistanis with accessible, transparent, and dignified financial solutions.
In his remarks, Dr. Rashid Mansoor, Head of Shariah at Walee Financial Services, stressed that this milestone strengthens Pakistan’s position in the Islamic fintech arena.
“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.
In his remarks, Mufti Usama Ehsan, Shariah Advisor at Walee Financial Services, called the certification a significant stride toward consolidating 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.”
Driving Impact Through a Purpose-Driven Islamic Financial Model
Building on its recent milestone, Walee Financial Services is embarking on the next phase of its journey with plans to launch a diverse suite of Shariah-compliant digital products. These include initiatives in takaful distribution, remittance financing, women and MSME empowerment, and community-based financing—each aimed at enhancing financial resilience and widening access to Islamic finance throughout Pakistan.
As Walee transitions toward becoming a multi-country Islamic financing platform, it seeks to introduce faith-aligned innovation to new markets, with Pakistan serving as its foundation and first hub. Alongside this expansion, the company continues to advance financial literacy efforts, helping consumers and SMEs understand and benefit from Islamic finance, while fostering empowered communities and a more inclusive, responsible economy.
Pioneering the Next Era of Ethical Digital Finance
Speaking on the accomplishment, Noshad Minhas, CEO of Walee Financial Services, emphasized that the achievement reflects the company’s dedication to building responsible and inclusive financial systems.
“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.
Following SECP’s recognition, Walee Financial Services is advancing toward deeper participation in Pakistan’s Islamic finance market. Its ambition is to nurture a sustainable, Shariah-based digital ecosystem that empowers individuals, fuels opportunity, and upholds the principles of fair and just finance.
About Walee Financial Services
As a licensed NBFC in Pakistan, Walee Financial Services is shaping the future of Islamic digital finance through innovation, inclusivity, and strong Shariah governance. By integrating data intelligence and technology, Walee Financial Services is redefining how millions of Pakistanis access ethical financial services. Its pioneering product, Hakeem, the first Islamic nano-financing platform in the country, empowers underserved communities with dignity and opportunity.
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