Pakistan’s First Shariah-Compliant Asset Financing Program for Women Entrepreneurs.
Islamabad, October 21, 2025 – Karandaaz Pakistan and Walee Financial Services have entered into a strategic partnership to launch Khudmukhtar Khatoon, Pakistan’s first Shariah-compliant, digital, asset-financing solution exclusively designed for women entrepreneurs. The partnership was formalised at a signing ceremony at Karandaaz, attended by senior leadership from both organisations.
The Khudmukhtar Khatoon initiative addresses one of the most persistent barriers faced by women-led businesses in Pakistan: access to meaningful, growth-oriented finance. Unlike conventional loan structures, this program offers Shariah-compliant, asset-based financing, enabling women entrepreneurs to receive essential business assets rather than cash disbursements. By directly linking financing to productive inputs, the project ensures that resources translate into sustainable business growth.
The program introduces a tier-based framework, enabling inclusivity for women at different stages of their entrepreneurial journeys, whether they are aspiring home-based business owners with limited records, or established, formally structured enterprises. Each tier is matched with tailored financing support aligned with business maturity and growth potential.
Launched as a Minimum Viable Product (MVP) phase, the project will focus on sectors with high participation from women entrepreneurs: apparel and tailoring, food services, and beauty services. The MVP aims to serve as a testing ground for evaluating demand, operational processes, and product-market fit, paving the way for nationwide scale-up. The vision is to develop, test, and validate Pakistan’s first Shariah-compliant digital financing model tailored for women entrepreneurs.
Representing Walee Financial Services at the cerem
ony were Noshad Minhas, CEO & Co-Founder; Adnan Akhtar, Head of Finance & Compliance; and Khushba Hayat, Partner Investments. From Karandaaz Pakistan, Waqas ul Hasan, Chief Executive Officer; Sharjeel Murtaza, Chief Digital Officer; and Samia Salik, Lead – Women’s Economic and Digital Inclusion, participated in the signing.
Highlighting the company’s commitment to women’s financial inclusion, Waqas ul Hasan, Chief Executive Officer at Karandaaz Pakistan, said:
“Women’s economic participation is central to Pakistan’s national development agenda and one of the key priorities of the Gates Foundation. Through Khudmukhtar Khatoon, Karandaaz is proud to pioneer a model that meets the financing needs of women entrepreneurs but does so in a way that aligns with local values and economic priorities. This collaboration with Walee Financial Services is a step toward building inclusive financial systems that enable women to become active contributors to Pakistan’s growth.
The project has demonstration potential, and we need to join hands to close the gender gap in financial inclusion in Pakistan”
Speaking at the ceremony, Noshad Minhas, CEO & Co-Founder of Walee Financial Services, stated:
“Khudmukhtar Khatoon is a step toward empowering women entrepreneurs with dignity, choice, and sustainable growth opportunities. We are proud to partner with Karandaaz to pilot this innovative, Shariah-compliant model that can redefine access to finance for women in Pakistan.”
The Khudmukhtar Khatoon pilot will serve as a proof of concept for a first-of-its-kind, women-focused, Shariah-compliant asset financing product in Pakistan. The program will generate critical learnings on product design, operational performance, and women’s financial needs, with the ambition to scale and mainstream such solutions across the country.
Speaking about the initiative’s innovation and inclusivity, Sharjeel Murtaza, Chief Digital Officer at Karandaaz Pakistan, said:
“Financial inclusion
must go beyond access. It must create pathways for women to thrive as business leaders. This initiative combines innovation, Shariah compliance, and inclusivity to test a scalable model for women’s economic empowerment. Khudmukhtar Khatoon reflects our mission to bridge systemic gaps and enable women entrepreneurs to achieve their potential.”
