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December 22, 2025
Mobilink Microfinance Bank has entered Pakistan’s fast-growing Islamic banking space, opening dedicated branches and rolling out Shariah-compliant services to meet rising customer demand.
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Global digital operator VEON announced on Friday that its financial services arm, Mobilink Microfinance Bank, has officially launched Islamic banking operations in Pakistan, responding to increasing demand for Shariah-compliant financial solutions.
The bank, which received its Islamic Banking licence from the State Bank of Pakistan (SBP) earlier this year, inaugurated its first standalone Islamic banking branch in Karachi last week. The branch is offering Shariah-compliant deposit and financing products, while a second dedicated branch is set to begin operations in Peshawar before the end of this month.
Mobilink Bank said the launch marks the start of a phased expansion, with plans to roll out Islamic banking services across more locations nationwide in the coming year.
The move comes as Islamic banking continues to gain momentum in Pakistan. According to the State Bank of Pakistan’s Islamic Banking Bulletin for the quarter ending September 2025, Islamic banking assets stood at around Rs12.7 trillion, accounting for 21.6% of the total banking sector. Deposits made up 26.5% of overall banking deposits, with year-on-year growth of over 28% in assets and nearly 30% in deposits.
President and CEO Haaris Mahmood Chaudhary said the launch aligns with the bank’s strategy to expand financial inclusion. “Expanding into Islamic banking allows us to directly respond to the needs of a large segment of Pakistan’s population,” he said, adding that the bank aims to offer faith-aligned services through both physical branches and digital platforms.
