Global digital operator Veon has announced that its financial services subsidiary, Mobilink Microfinance Bank, has officially launched Islamic banking operations in Pakistan, responding to rising demand for Shariah-compliant financial services.
Mobilink Bank received its Islamic Banking licence from the State Bank of Pakistan earlier this year and inaugurated its first dedicated Islamic banking branch in Karachi last week. The branch offers Shariah-compliant deposit and financing products, with a second Islamic banking branch scheduled to begin operations in Peshawar before the end of December.
The bank plans a phased nationwide rollout of Islamic banking services across additional locations in 2026, expanding access to faith-aligned financial products for a broader customer base.
According to the State Bank of Pakistan’s Islamic Banking Bulletin for the period ending September 2025, Islamic banking assets reached approximately PKR 12.7 trillion (around US$44 billion), representing 21.6% of total banking sector assets. Islamic banking deposits accounted for 26.5% of total deposits nationwide.
Year-on-year growth remained strong, with Islamic banking assets and deposits increasing by 28.3% and 29.7% respectively, highlighting sustained momentum and growing customer adoption.
Haaris Mahmood Chaudhary, President and CEO of Mobilink Bank, said the move aligns with the bank’s strategy to expand financial inclusion for individuals, micro-entrepreneurs, and small businesses across Pakistan.
He noted that expanding into Islamic banking enables Mobilink Bank to serve a significant segment of the population by offering transparent, Shariah-compliant products through both physical branches and digital channels, increasing access to formal financial services nationwide.
