VEON’s Mobilink Microfinance Bank launches Islamic banking operations in Pakistan

Dubai and Islamabad – 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 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 nationwide¹. 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. 

¹_{Islamic Banking Bulletin September-2025.pdf}