Mobilink Microfinance Bank has launched Islamic banking in Pakistan, enhancing Shariah-compliant financial services access nationwide.
Quiver AI Summary
VEON Ltd. announced the launch of Islamic banking operations by its subsidiary, Mobilink Microfinance Bank Ltd., in Pakistan to meet the growing demand for Shariah-compliant financial services. The first dedicated Islamic banking branch opened in Karachi, with plans for a second branch in Peshawar and a nationwide rollout of services. Mobilink Bank received its Islamic Banking license from the State Bank of Pakistan earlier in 2025 and aims to enhance financial inclusion for individuals and businesses with Shariah-compliant products. The move aligns with the significant growth of Islamic banking in Pakistan, with assets reaching approximately PKR 12.7 trillion as of September 2025. VEON emphasizes its commitment to providing customer-centric financial services through digital channels and branch networks across the country.
Potential Positives
- Mobilink Microfinance Bank has launched Islamic banking operations, expanding access to Shariah-compliant financial services, which supports financial inclusion and meets customer demand in Pakistan.
- The opening of its first dedicated Islamic banking branch in Karachi and plans for further branches in Peshawar and across the nation indicates a strategic commitment to growth and service expansion.
- This initiative enhances VEON's portfolio and positions it within the rapidly growing Islamic banking sector, which has seen significant year-on-year asset and deposit growth, reflecting strong market potential.
- The recognition of Mobilink Bank as a leading digital microfinance institution through multiple awards underscores its credibility and commitment to providing innovative financial solutions.
Potential Negatives
- While the launch of Islamic banking services may signal growth potential, it also exposes VEON to significant regulatory risks and market competition in a sector that is rapidly evolving.
- The reliance on forward-looking statements may create concerns for investors about the uncertainty of achieving the strategic ambitions outlined in the press release.
FAQ
What new services has Mobilink Microfinance Bank launched in Pakistan?
Mobilink Microfinance Bank has launched Islamic banking operations, offering Shariah-compliant financial services to customers.
Where is Mobilink Bank's first Islamic banking branch located?
The first dedicated Islamic banking branch of Mobilink Bank is located in Karachi, Pakistan.
What is the significance of Islamic banking in Pakistan?
Islamic banking in Pakistan has shown strong growth, with assets reaching approximately PKR 12.7 trillion and deposits at 26.5% of total deposits.
How does Mobilink Bank plan to expand its Islamic banking services?
Mobilink Bank plans a phased rollout of Islamic banking services, with a second branch opening in Peshawar and more locations nationwide.
Why is Mobilink Bank entering the Islamic banking sector?
The entry into Islamic banking responds to strong customer demand and aims to enhance financial inclusion for individuals and businesses in Pakistan.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
Dubai and Islamabad, December 19, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator, announced today that its financial services subsidiary, Mobilink Microfinance Bank Ltd., has launched Islamic banking operations in Pakistan, expanding access to Shariah-compliant financial services in in response to growing customer demand.
Mobilink Bank inaugurated its first dedicated Islamic banking branch this week in Karachi, Pakistan’s economic hub. A second Islamic banking branch is scheduled to commence operations in Peshawar later this month, followed by a phased rollout of Islamic banking services across additional locations nationwide. Mobilink Bank received its Islamic Banking licence from the State Bank of Pakistan earlier in 2025.
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. Mobilink Bank’s Islamic banking portfolio will offer Shariah-compliant deposit and financing products designed to meet everyday financial needs and support business growth.
“With the launch of Islamic banking at Mobilink Bank, we are reinforcing our commitment to inclusive, customer-centric financial services,” said Aamir Ibrahim, Chairman of the Mobilink Bank Supervisory Board . “The continued growth of Islamic banking in Pakistan reflects strong demand and significant potential, which we are proud to address through solutions that empower individuals and businesses.”
“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.”
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 USD 44 billion), accounting for 21.6% of total banking sector assets. Islamic banking deposits represented 26.5% of total deposits nationwide. 1 On a year-on-year basis, Islamic banking assets and deposits grew by 28.3% and 29.7%, respectively, underscoring the sector’s strong momentum and rising customer adoption.
Through JazzCash and Mobilink Microfinance Bank in Pakistan, Simply in Kazakhstan, and Beepul in Uzbekistan, VEON delivers digital financial services at scale, supporting financial inclusion and accelerating the transition toward cashless economies.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 150 million connectivity customers and over 140 million digital users. Operating across five countries that are home to more than 6% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com
Mobilink Microfinance Bank
Mobilink Microfinance Bank is Pakistan’s leading digital microfinance institution, committed to promoting financial inclusion through digital and branch-based banking services. The bank has been recognized for its institutional and digital capabilities, including being named Best Microfinance Bank at the Pakistan Banking Awards 2024 and winning the Best Digital Banking Services Award (Microfinance category) at the CFA Society Pakistan Annual Excellence Awards for three consecutive years. The Bank operates with a network of 114 branches. https://mobilinkbank.com/
Forward-Looking Statements Disclaimer
This release contains “forward-looking statements”, within the meaning of the Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to our strategic ambitions regarding Islamic banking. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to our strategic ambitions regarding Islamic banking, among others discussed in the section entitled “Risk Factors” in VEON’s 2024 Form 20-F filed with the SEC on April 25, 2025 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.
Contact Information
VEON
Hande Asik
Chief Communications and Strategy Officer
[email protected]
1 Islamic Banking Bulletin September-2025.pdf
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