The Securities and Exchange Commission of Pakistan (SECP) has officially certified Walee Financial Services (WFS) as a fully Shariah-compliant Non-Banking Financial Company (NBFC), marking a landmark achievement for the country’s rapidly evolving Islamic fintech ecosystem. This certification places WFS among a distinguished group of financial entities in Pakistan that operate entirely under Islamic financial principles, eliminating interest-based mechanisms and ensuring alignment with Shariah law.
Walee Financial Services has become the only NBFC in Pakistan’s digital nano-financing space to receive full Shariah compliance certification from the SECP. This endorsement ensures that every product and service offered under the Walee brand adheres to Islamic finance models, guided by the principles of fairness, transparency, and ethical responsibility. It also represents a pivotal moment in the fusion of financial technology and faith-based innovation in Pakistan.
WFS first gained attention with the launch of Hakeem, Pakistan’s first Islamic digital nano-financing platform, introduced in 2024. Built on an unorganised Tawarruq model—a Shariah-compliant structure where mobile airtime is traded to facilitate nano-financing—Hakeem has quickly become a success story in the country’s digital finance sector. Within its first year, the app achieved millions of downloads and hundreds of thousands of active customers, providing small-scale financing solutions that prioritize dignity, trust, and financial empowerment.
Commenting on the development, Dr. Rashid Mansoor, Head of Shariah at Walee Financial Services, called the SECP’s certification a defining moment for Pakistan’s Islamic fintech sector. He noted that this achievement validates the idea that technology and Shariah can coexist harmoniously, allowing innovation to thrive within ethical and faith-based boundaries. “This milestone reaffirms our belief that digital finance must serve both faith and fairness, setting a benchmark for future innovation grounded in ethical integrity,” he stated.
Supporting this perspective, Mufti Usama Ehsan, Shariah Advisor at WFS, emphasized that the certification is not only a success for the company but also a step forward for Pakistan’s broader Islamic financial identity. “Becoming part of Pakistan’s first SECP-approved unorganised Tawarruq model and one of the few fully Shariah-compliant NBFCs is a tremendous honor. This innovation paves the way for responsible, faith-driven financial services that align with Pakistan’s growing demand for Islamic finance,” he said.
Following this milestone, Walee Financial Services plans to expand its portfolio of faith-based digital financial products, including solutions for takaful distribution, remittance financing, and targeted financing for women entrepreneurs and MSMEs. The company’s roadmap also includes cross-border expansion, with Pakistan serving as its foundational market. These initiatives aim to enhance financial resilience, empower underserved communities, and support the transition toward a riba-free economic framework.
Chief Executive Officer of Walee Financial Services, Noshad Minhas, reaffirmed the company’s long-term commitment to ethical innovation. “We are deeply thankful to the SECP for fostering an environment where innovation and faith can coexist. By aligning our strategy with Pakistan’s 2028 vision for eliminating riba, Walee Financial Services is setting an example for how digital finance can uphold both economic progress and moral responsibility,” he said.
With this certification, Walee Financial Services is poised to lead Pakistan’s Islamic fintech revolution by integrating digital solutions with authentic Shariah principles. The move strengthens consumer trust, promotes financial inclusion, and highlights how technology can serve the greater good while adhering to the moral foundations of Islamic finance.
Follow the PakBanker Whatsapp Channel for updated across Pakistan’s banking ecosystem.