Dubai Islamic Bank Pakistan and JazzCash join hands to promote digital remittances
In a major push toward digital financial inclusion, Dubai Islamic Bank
Pakistan (DIBPL) and JazzCash, the country’s largest mobile wallet provider,
have announced a strategic partnership to simplify and scale up international
remittance flows—particularly for freelancers and underserved users.
The collaboration, formalized through a Memorandum of Understanding (MoU)
signed in Karachi on July 8, will enable inward remittances to be deposited directly
into JazzCash mobile wallets using DIBPL’s global remittance infrastructure.
The two institutions also plan to develop customized financial products
tailored for Pakistan’s freelance workforce.
Empowering Pakistan’s Freelancers Through Shariah-Compliant Finance
“Our partnership with JazzCash reflects our vision to offer inclusive,
Shariah-compliant digital financial solutions,” said Muhammad Ali Gulfaraz, CEO
of DIBPL. “Combining our international reach with JazzCash’s digital
accessibility allows us to provide millions of customers with secure, seamless,
and compliant remittance services.”
Read More Dubai
Islamic Bank Pakistan introduces enhanced digital onboarding solutions
JazzCash, a subsidiary of Jazz, serves more than 48 million registered users, including over 25% of Pakistan’s 2.3 million freelancers, according to Mobilink Microfinance Bank. The new partnership is designed to deepen this engagement and address the evolving needs of a rapidly expanding digital economy.
“With thousands of freelancers already relying on JazzCash for receiving
payments, our partnership with DIBPL helps deliver even more accessible and
Shariah-compliant cross-border solutions,” said Murtaza Ali, President of
JazzCash. “This is a vital step toward building financial tools that support
Pakistan’s growing digital workforce.”
Aligning with Broader Financial Inclusion Goals
The collaboration comes at a time when Islamic banking continues its strong
growth in Pakistan, now making up nearly 20% of the country’s banking assets,
according to the State Bank of Pakistan. The integration of Shariah-compliant
banking with digital wallets is increasingly seen as a key driver for financial
inclusion, especially for those outside the formal banking system.
Pakistan is also one of the top five remittance-receiving countries in South
Asia, with more than $27 billion in annual inflows. Yet a large portion of
these funds still pass through informal or inefficient channels.
Read More Garaj
partners with Mobilink Microfinance Bank to modernize branch networking
By combining regulated financial infrastructure with mobile accessibility, the DIBPL–JazzCash partnership aims to provide freelancers, remote workers, and unbanked users with reliable, fast, and compliant alternatives to receive payments—whether from abroad or within the country.
A Step Toward a Digital, Inclusive, and Shariah-Compliant Future
The agreement signals a shared commitment by both institutions to advance
Pakistan’s digital economy, improve remittance accessibility, and uphold Islamic
finance principles in the process.
As the freelance and gig economy continues to grow, such partnerships are
expected to play a critical role in bridging the gap between global payment
ecosystems and local financial needs, particularly in a country where mobile
finance is rapidly reshaping the future of banking.
Source: Arab News