Pakistan’s inaugural Islamic nano-financing product launched
Walee Financial Services Pvt Ltd.
has launched Pakistan's first Islamic nano-financing product, offering
interest-free (riba-free) financing through its fintech brand, Hakeem©. The
product uses an innovative, commodity-based trade structure in line with
Islamic values, promoting the ethos of “سود نہیں تجارت”
("No interest, only trade") and providing a viable ethical financial
solution.
Islamic Financing with Commodity
Trade as the Foundation
Walee’s Islamic nano-financing
product operates on a Tawarruq-based structure, ensuring Shariah compliance
through a commodity trade model that excludes interest. This design fosters
fairness and transparency, embodying Islamic finance principles while making
financing accessible to a broader population in Pakistan.
Supporting a Riba-Free Financial
Future for Pakistan
The launch of this product aligns
with Pakistan's national goal of eliminating interest-based financial practices
by January 1, 2028, as outlined in the 26th Constitutional Amendment Bill,
2024. By offering Shariah-compliant financing, Walee Financial Services
supports the country’s transition to a riba-free economy and complements
efforts by the State Bank of Pakistan to advance Islamic finance across the
nation.
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Guidance from the Shariah Board
Dr. Rashid Mansoor, Head of Shariah
at Walee Financial Services, emphasized the importance of true Shariah
compliance achieved through rigorous design and innovative technology,
developed in consultation with respected Shariah scholars. Reflecting the
Quranic guidance that “Allah has permitted trade and forbidden riba” (Surah
Al-Baqarah, 2:275), this product highlights the societal benefits of a fair,
Islamic financial system.
Leading Pakistan’s Economic
Transformation
Through Hakeem, Walee Financial
Services aims to lead Pakistan’s shift towards a riba-free economy, offering
sustainable, Shariah-compliant financial solutions that support the government’s
agenda and drive economic growth. By fostering ethical finance, Walee is
empowering communities, expanding financial inclusion, and contributing to a
prosperous future.
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About Walee Financial Services
A subsidiary of Walee Technologies,
Walee Financial Services offers Islamic-focused, fintech-powered financial
solutions. Licensed as a Non-Banking Financial Company, Walee Financial
Services supports individuals and small businesses through accessible, ethical
financing that aligns with Islamic principles, contributing to sustainable
development and financial inclusion across Pakistan.
Source: https://www.taiwannews.com.tw/