Mobilink Bank has initiated its Islamic banking operations after receiving a license from the State Bank of Pakistan (SBP), a move that will enable its affiliate, JazzCash, to potentially become the nation”s largest Shariah-compliant digital wallet.
The formal announcement was made during the VEON group’s annual strategy session, ‘Ignite,’ held in Abu Dhabi, the company said in a statement today.
In its initial phase, the bank will establish two dedicated Islamic banking branches in Karachi and Peshawar, complemented by ten Islamic banking windows. The institution plans to expand this network to fifteen branches and twenty windows in a subsequent phase.
Aamir Ibrahim, Chairman of Mobilink Bank and CEO of Jazz, stated that the new license allows the bank to cater to the increasing demand for Shariah-compliant microfinance products. He emphasized that these faith-aligned offerings are designed to alleviate financing challenges for small and medium-sized enterprises (SMEs) and promote economic involvement in underserved areas.
Haaris Mahmood Chaudhary, President and CEO of Mobilink Bank, described the initiative as a significant move toward creating an inclusive financial ecosystem with digital-first solutions. He noted that the Shariah-compliant services are intended to expand financial options for communities that have historically lacked access, providing transparent products to encourage participation in the formal economy.
As part of the launch, the bank has introduced an initial suite of three Shariah-compliant products. These include the “Takmeel” current account for daily transactions, the “Yaqeen” savings account for deposit management, and the “Umeed” Murabaha financing product, which offers halal funding for personal and household requirements.
The institution plans to further broaden its Islamic product line in the upcoming months with a full range of digital Shariah-compliant solutions. This strategic expansion aligns with the bank”s stated goal of enhancing financial inclusion through customer-focused services.