JazzCash Set to Become Pakistan’s Largest Shariah-Compliant Digital Wallet
Islamabad – Pakistan’s leading digital microfinance bank, Mobilink Bank has announced the launch of its Islamic banking operations to introduce responsible Shariah-compliant financial services in the country. The launch took place during the VEON group’s annual strategy session ‘Ignite’ in Abu Dhabi, following the Bank’s Islamic Banking License approval by State Bank of Pakistan (SBP). This milestone will also allow JazzCash to offer Islamic products, positioning it to become Pakistan’s largest Shariah-compliant digital wallet.
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Aamir Ibrahim, Chairman Mobilink Bank and CEO Jazz, said “This license enables Mobilink Bank to meet growing demand for Shariah-compliant microfinance solutions in Pakistan. By providing faith-aligned products tailored to the microfinance segment, we can help address financing constraints faced by SMEs and contribute to greater economic participation in underserved communities.”
In the first phase, the Bank will introduce Shariah-compliant services through two dedicated Islamic banking branches in Karachi and Peshawar, supported by ten Islamic banking windows. This network is set to expand to fifteen branches and twenty windows over the next phase.
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Speaking at the occasion, Haaris Mahmood Chaudhary, President & CEO, Mobilink Bank said, “This launch is a meaningful step forward in our journey to build an inclusive financial ecosystem powered by digital-first, future-ready solutions. By extending Shariah-compliant offerings, we are broadening financial choice for communities that have long remained underserved. Our Islamic banking portfolio is designed to provide reliable, transparent, and faith-aligned products that empower customers to participate in the formal economy.”
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As part of the launch, the Bank has introduced three Shariah-compliant products developed in line with Islamic financial principles. The current account, ‘Takmeel’ supports everyday transactions under a Shariah-guided framework, the savings account, ‘Yaqeen’ offers customers a secure way to manage their deposits, whereas the Murabaha financing product, ‘Umeed’ provides transparent and halal funding for individual and household needs. These products form the initial portfolio for Mobilink Bank’s Islamic banking operations and will be rolled out in phases nationwide.
Mobilink Bank will continue to expand its Islamic offering in the coming months, with a comprehensive suite of Shariah-compliant digital products. This expansion supports the Bank’s broader vision of strengthening financial inclusion through responsible innovation and customer-centric service delivery.
