Global digital operator VEON announced that its financial services subsidiary, Mobilink Microfinance Bank, has launched Islamic banking operations in Pakistan, expanding access to Shariah-compliant financial services in response to growing customer demand.
Mobilink Bank inaugurated its first dedicated Islamic banking branch in December in Karachi, the South Asian country’s economic hub. A second Islamic banking branch is scheduled to commence operations in Peshawar in the coming weeks, followed by a phased rollout of Islamic banking services across the nation.
During the occasion, Aamir Ibrahim, Chairman of the Mobilink Bank Supervisory Board, said, “With the launch of Islamic banking at Mobilink Bank, we are reinforcing our commitment to inclusive, customer-centric financial services. 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.”
Mobilink Bank received its Islamic Banking licence from the State Bank of Pakistan in 2025 itself.
The launch of Mobilink’s Islamic banking services supports the venture’s strategy to broaden financial choice and inclusion for individuals, micro-entrepreneurs, and small businesses across Pakistan. Mobilink Bank’s Islamic banking portfolio will also offer Shariah-compliant deposit and financing products designed to meet daily financial needs, apart from supporting business growth.
“Expanding into Islamic banking allows us to directly respond to the needs of a large segment of Pakistan’s population. By offering transparent, faith-aligned products through both physical branches and digital channels, we are increasing access to formal financial services across the country,” noted Haaris Mahmood Chaudhary, President and CEO of Mobilink Bank.
According to the State Bank of Pakistan’s “Islamic Banking Bulletin” for the period ending September 2025, 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 across the South Asian nation. 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 adoption ratio among customers.