Dubai-based telecommunications and digital services group VEON has launched Islamic banking operations in Pakistan through its financial services arm, Mobilink Microfinance Bank, supporting the country’s efforts to expand Shariah-compliant financial services.
Mobilink Bank inaugurated its first dedicated Islamic banking branch in Karachi, with a second branch set to open in Peshawar later this month. The initial launches will be followed by a phased nationwide rollout of Islamic banking services across additional locations.
The move follows Mobilink Bank’s receipt of an Islamic banking licence earlier this year and aligns with its strategy to broaden financial inclusion and choice for individuals, micro-entrepreneurs, and small businesses. The bank said the new services will be offered through both physical branches and digital channels to increase accessibility.
According to the State Bank of Pakistan, Islamic banking assets reached approximately $44 billion by the end of September 2025, representing 21.6% of total banking sector assets. VEON currently delivers digital financial services in Pakistan through JazzCash and Mobilink Microfinance Bank, alongside operations in Kazakhstan and Uzbekistan.
