The Securities and Exchange Commission of Pakistan has officially certified Walee Financial Services as a fully Shariah-compliant Non-Banking Financial Company. This milestone positions Walee Financial Services among a select group of financial institutions in Pakistan that operate entirely in accordance with Islamic finance principles.
With this certification, Walee Financial Services becomes the only NBFC in the digital nano-financing space to achieve Shariah compliance status from SECP. All future financial products launched under the Walee umbrella will follow Islamic finance models, ensuring every aspect of design, delivery, and operation adheres to the principles of fairness, transparency, and social responsibility.
From Islamic Nano-Finance to Broader Innovation
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 a Purpose-Driven Islamic Finance Platform
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 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.
Leading the Future of Ethical Digital Finance
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.