Walee Financial Services has been officially certified by the Securities and Exchange Commission of Pakistan (SECP) as a fully Shariah-compliant Non-Banking Financial Company (NBFC). With this certification, Walee Financial Services joins a select group of financial institutions in Pakistan operating exclusively under Islamic finance principles.
Notably, Walee Financial Services is now the only NBFC in the digital nano-financing sector to hold Shariah-compliant status from the SECP. Going forward, every financial product introduced under the Walee Financial Services brand will be based solely on Islamic finance frameworks—ensuring fairness, transparency, and social responsibility in both design and delivery.
From Nano-Finance Roots to Broader Financial Innovation
Walee Financial Services launched with Hakeem, Pakistan’s first and only Islamic digital nano-financing platform, in 2024. Using an innovative unorganised Tawarruq model, Hakeem conducts mobile airtime trading to ensure that nano-financing remains fully Shariah-compliant.
In its first year, Hakeem recorded millions of downloads and reached hundreds of thousands of active customers, providing Pakistanis with a dignified, trusted, and convenient way to access essential financial support.
Speaking on the certification, Dr. Rashid Mansoor, Head of Shariah at Walee Financial Services, highlighted the significance of the milestone for Pakistan’s Islamic fintech landscape:
“Alhamdulillah, the SECP’s certification of WFS as a Shariah-compliant company marks a defining moment for Islamic fintech in Pakistan. It demonstrates that technology and innovation can not only coexist with Shariah principles, but thrive within them—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 develop financial solutions rooted in both modern efficiency and divine guidance, In Sha Allah.”
Mufti Usama Ehsan, Shariah Advisor at Walee Financial Services, added:
“I am honoured 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.”
Empowering a New Era of Purpose-Driven Islamic Finance
Building on this achievement, Walee Financial Services is preparing to introduce a comprehensive suite of Shariah-compliant digital solutions, including offerings in takaful distribution, remittance financing, women and MSME empowerment, and community-based financing. These initiatives aim to expand financial resilience and increase access to Islamic finance nationwide.
With a long-term vision to establish itself as a multi-country Islamic financing platform, Walee Financial Services plans to introduce faith-aligned digital financial innovations beyond Pakistan. The company is also investing in financial literacy programmes to help individuals and businesses better understand Islamic finance, enabling informed choices and fostering an inclusive, equitable economy.
At the Forefront of Ethical Digital Finance
Commenting on the milestone, Noshad Minhas, CEO of Walee Financial Services, said:
“We are deeply grateful to the SECP for supporting financial inclusion and fintech 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 support the transition of financial institutions towards fully Shariah-compliant models.”
With SECP’s recognition, Walee Financial Services is now poised to expand its footprint across Pakistan’s Islamic finance sector, centred on building a sustainable portfolio of ethical, inclusive, and technology-driven financial products.
About Walee Financial Services
Walee Financial Services is a licensed Non-Banking Financial Company redefining financial inclusion through technology, innovation, and Shariah-based ethics. The company is committed to making finance accessible, fair, and compliant for all, supported by data-driven insights and robust Shariah governance. Its pioneering product, Hakeem, Pakistan’s first Islamic nano-financing platform, continues to empower financially underserved communities nationwide.
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