SECP Approves Walee Financial Services as Fully Shariah Compliant NBFC

On October 24, 2025, a groundbreaking announcement rippled through Pakistan’s financial landscape: the Securities and Exchange Commission of Pakistan (SECP) certified Walee Financial Services Limited as the nation’s first fully Shariah-compliant Non-Banking Financial Company (NBFC) in the digital nano-financing space. As a veteran writer with over 20 years in the Halal industry, from auditing supply chains to consulting on ethical certifications, I’ve seen how faith-driven innovations can transform lives. This milestone isn’t just a regulatory win—it’s a beacon of hope for millions of Pakistanis seeking accessible, ethical financial solutions that honor Islamic principles. In this comprehensive guide, we’ll explore what Walee’s certification means, how it reshapes the fintech scene, and why it matters for everyday Muslims navigating bills, dreams, and economic challenges. Whether you’re a small-business owner or simply curious about Halal finance, you’ll find clear, actionable insights to guide your next steps.

To grasp the significance of this achievement, let’s first set the stage with Pakistan’s Islamic finance journey. Rooted in Quranic values that prioritize fairness, risk-sharing, and the rejection of exploitation—consider the prohibition of riba (interest) as a tool of injustice in Surah Al-Baqarah—Shariah-compliant finance has long been a goal for Pakistan’s 96% Muslim population. Yet, for decades, conventional banking dominated, leaving many to wrestle with systems that clashed with their beliefs. A pivotal shift came in 2022 when the Federal Shariat Court mandated a riba-free economy by January 1, 2028, pushing regulators like the SECP and the State Bank of Pakistan to rethink everything from loans to digital wallets.

Walee Financial Services, a subsidiary of Walee Technologies Pvt. Ltd., stepped into this gap with bold vision. Launched in 2021 as a digital wallet provider, Walee quickly gained traction with its flagship platform, Hakeem, introduced in late 2024 as Pakistan’s first Islamic nano-financing app. Backed by investors like Sarmayacar and Fatima Gobi Ventures, Hakeem has drawn millions of downloads by offering small, riba-free loans for everyday needs—think covering school fees or restocking a shop. Its secret sauce? An unorganized Tawarruq model, a Shariah-approved structure where users “buy” and “sell” commodities like mobile airtime to access funds ethically, bypassing interest entirely. It’s transparent, user-friendly, and designed for the smartphone generation, from bustling Karachi to rural Punjab.

The SECP’s certification elevates Walee to new heights, marking it as a pioneer in digital nano-finance. This isn’t a partial nod—Walee’s entire operations, from remittances to micro-loans and savings accounts, now carry the Shariah-compliant seal. The approval came after rigorous audits by the SECP’s Shariah Board, ensuring alignment with Islamic principles like fairness and non-exploitation. Mufti Usama Ehsan, Walee’s Shariah Advisor, called it a proud leap for Pakistan’s Islamic finance identity, highlighting the Tawarruq model’s innovation. Dr. Rashid Mansoor, Head of Shariah, added that it blends cutting-edge tech with scholarly oversight to deliver real societal good. For the average user, this translates to trust: Your financial transactions are not only convenient but also spiritually sound, vetted to uphold the objectives of Shariah, such as preserving wealth and promoting equity.

So, what does full Shariah compliance look like in action? Unlike conventional NBFCs that might use “Islamic” as a buzzword, Walee’s certification demands end-to-end adherence. Under the SECP’s Shariah Governance Regulations of 2023, this means maintaining a dedicated Shariah board, conducting regular fatwa reviews, and embedding compliance in financial reporting. For users, it’s a suite of riba-free services: pay utility bills, send remittances, borrow small sums, or save—all through profit-sharing or trade-based models like murabaha (cost-plus financing). Remittances, critical for Pakistan’s $30 billion annual inflow from its 9 million overseas workers, now flow through ethical channels, avoiding the interest-laden traps of traditional transfers. With 40% of Pakistanis unbanked, per World Bank estimates, Walee’s app-based approach brings finance to the underserved, whether they’re in a village or a city slum.

This milestone dovetails with Pakistan’s booming Islamic finance sector, valued at over PKR 7 trillion ($25 billion) and growing 20% annually as of 2024. The SECP’s recent regulatory tweaks in April 2025 tightened standards for Shariah-compliant investment schemes, mandating compliance by September 30, 2025. Walee’s approval aligns perfectly, positioning it as a frontrunner. Just a day before the certification, on October 23, Walee teamed up with Karandaaz Pakistan to launch “Khudmukhtar Khatoon,” the nation’s first Shariah-compliant digital asset-financing program for women entrepreneurs. Targeting sectors like textiles and agriculture, it offers riba-free loans for equipment or inventory, starting at PKR 50,000. Noshad Minhas, Walee’s CEO, framed it as empowering women with dignity, while Karandaaz’s Sharjeel Murtaza praised its potential to close systemic gaps. With women-led businesses contributing just 3% to Pakistan’s GDP despite a 22 million-strong female workforce, this initiative could unlock transformative growth.

From my lens in the Halal industry—where I’ve spent years ensuring everything from meat certifications to ethical sourcing meets rigorous standards—Walee’s model is a masterclass in trust-building. Just as a Halal logo on food packaging signals purity, the SECP’s stamp on Walee assures users their money is managed with integrity. Early adopters share powerful stories: a Lahore shopkeeper using Hakeem to buy inventory without debt spirals, or a Faisalabad mother covering school fees during Ramadan, free from riba’s moral weight. These aren’t just transactions; they’re lifelines that respect faith while solving real-world problems.

Challenges remain, of course. Some scholars question Tawarruq’s complexity, debating whether its commodity trades truly align with risk-sharing ideals like mudarabah partnerships. Walee addresses this by grounding its model in real trades, vetted by top muftis and compliant with global standards like those of AAOIFI (Bahrain-based). Regulatory hurdles were no small feat either; Walee navigated strict audits under the SECP’s Digital Lending Code, ensuring robust data privacy and anti-fraud measures. Cybersecurity is a constant concern in fintech, but Walee’s use of transparent, blockchain-like ledgers sets a high standard. Economically, Pakistan’s 12% inflation and dipping remittances pose headwinds, yet nano-finance offers a cushion—though scaling it demands wider adoption. Policymakers could take a page from Malaysia, where tax incentives have driven Islamic banking to a 40% market share, and apply similar strategies to boost Pakistan’s fintech ecosystem.

Globally, Walee’s success reverberates in the $3.5 trillion Islamic finance market, set to hit $4 trillion by 2028. Pakistan’s 1,000+ fintech startups could export models like Hakeem to markets like Indonesia or the UAE, where demand for riba-free solutions is skyrocketing. Planned partnerships with Gulf investors in 2026 could channel billions into Islamic funds, while diaspora communities in the UK or Saudi Arabia benefit from seamless, ethical remittances. This certification also enhances Pakistan’s global standing—Islamic finance’s low default rates (under 2% in banks) and community focus offer a stable alternative to volatile conventional systems, appealing to investors worldwide.

For you, the everyday user, this is an invitation to act. If you’re in Pakistan, download the Walee app, verify with your CNIC, and explore Hakeem for quick, Halal loans or savings. Women entrepreneurs, watch for Khudmukhtar Khatoon’s pilot phase—applications open soon. Globally, demand Shariah-compliant options in your financial tools, verify certifications via the SECP’s public register, and consult local scholars for peace of mind. Walee’s rise proves that faith and innovation can coexist, offering not just financial access but dignity and hope. As Pakistan marches toward its 2028 riba-free goal, this is a call to join the movement—because a Halal life isn’t just about what’s on your plate, but what’s in your wallet too.

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