Mobilink Bank, one of Pakistan’s leading digital microfinance institutions, has taken a major step toward reshaping the country’s financial landscape with the launch of its Islamic banking operations. The development marks a transformative shift for the microfinance sector, as the bank becomes one of the first to formally introduce Shariah-compliant services designed specifically for underserved and financially excluded communities. The launch was announced during VEON Group’s annual strategy event, Ignite, held in Abu Dhabi, following the bank’s receipt of an Islamic Banking License from the State Bank of Pakistan (SBP).
The introduction of Islamic banking at Mobilink Bank will also enable JazzCash, Pakistan’s largest mobile wallet, to offer Shariah-compliant financial products. This advancement positions JazzCash to emerge as the largest digital Islamic wallet in the country, expanding consumer choice in a market where demand for faith-compliant financial solutions has continued to rise. The integration of the bank’s new Islamic services with its established digital ecosystem marks the beginning of a broader expansion that aims to bring accessible and transparent banking to millions of users.
Mobilink Bank’s first rollout phase includes two fully dedicated Islamic banking branches located in Karachi and Peshawar, supported by ten Islamic banking windows. This initial network will be expanded to fifteen branches and twenty windows in the subsequent phase, illustrating the scale and ambition of the bank’s strategy. The focus on both metropolitan and regional expansion reflects the bank’s goal of reaching communities that rely heavily on microfinance to support small businesses, household needs, and local economic activity.
Aamir Ibrahim, Chairman of Mobilink Bank and CEO of Jazz, emphasized the significance of this development for Pakistan’s financial ecosystem. He highlighted that the new license would enable the bank to serve the growing demand for Shariah-compliant microfinance offerings, particularly for small and midsized enterprises (SMEs) that face barriers in accessing commercial financing. He noted that providing faith-aligned products could empower underserved communities, allowing them to engage more confidently in economic participation.
Haaris Mahmood Chaudhary, President and CEO of Mobilink Bank, described the launch as a key milestone in the bank’s broader goal of enabling a more inclusive digital economy. He explained that the addition of Islamic banking services aligns with the bank’s commitment to offering transparent, reliable, and use-centered financial solutions. Chaudhary said the bank’s Islamic portfolio is designed to give customers increased control and flexibility as they transition toward formal financial services.
As part of the launch, Mobilink Bank introduced three foundational Shariah-compliant products. The current account, Takmeel, offers a framework for everyday transactions under Islamic principles; the savings account, Yaqeen, provides a secure and faith-aligned deposit option; and the Murabaha-based financing product, Umeed, delivers halal funding for household and individual needs. These three products form the core of the bank’s Islamic banking portfolio and will be expanded across regions in a phased rollout.
Looking ahead, Mobilink Bank plans to introduce a broader portfolio of digital Shariah-compliant products. These offerings will be integrated into its existing digital infrastructure, ensuring seamless access for customers nationwide. The expansion aligns with the bank’s larger mission to broaden financial inclusion through responsible innovation and technology-driven services. By driving Islamic digital banking within the microfinance sector, the bank aims to cultivate a more equitable and accessible financial environment in Pakistan.
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