VEON subsidiary launches Islamic banking in Pakistan

Dubai-based telecommunications and digital services company Veon has launched Islamic banking operations in Pakistan, building on the country’s bid to expand its Shariah-compliant offerings. 

Veon’s financial services subsidiary, Mobilink Microfinance Bank, inaugurated its first dedicated Islamic banking branch in Karachi, with a second branch scheduled to commence operations in Peshawar later this month.

The two launches will be followed by a phased rollout of Islamic banking services across additional locations nationwide. Mobilink Bank received its Islamic banking licence this year.  

The launch of Islamic banking services supports the bank’s strategy to broaden financial choice and inclusion for individuals, micro-entrepreneurs, and small businesses across Pakistan, VEON said in a statement.

Islamic banking assets reached approximately $44 billion for the period ending September 2025, accounting for 21.6% of the total banking sector assets, according to data issued by the State Bank of Pakistan.

“Expanding into Islamic banking allows us to directly respond to the needs of a large segment of Pakistan’s population,” said Haaris Mahmood Chaudhary, president and CEO of Mobilink Bank. 

“By offering transparent, faith-aligned products through both physical branches and digital  channels, we are increasing access to formal financial services across the country.” 

VEON delivers digital financial services through JazzCash and Mobilink Microfinance Bank in Pakistan, Simply in Kazakhstan, and Beepul in Uzbekistan.