Islamabad, October 20, 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 ceremony 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.”
Press Release
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.”
Scope of the Project
The Khudmukhtar Khatoon project introduces a Shariah-compliant financing solution tailored
exclusively for women entrepreneurs. Under this model, instead of receiving cash-based loans,
beneficiaries will be provided with essential business assets required to operate and expand their
enterprises. By ensuring that financing directly translates into productive inputs, the program
addresses one of the key barriers faced by women-led businesses in accessing meaningful, growth-
oriented finance.
To ensure inclusivity, the program follows a tier-based framework that categorises entrepreneurs
into four distinct levels according to their documentation, financial history, and business experience.
This design enables participation from a wide spectrum of women, ranging from aspiring home-
based entrepreneurs with limited records to established businesses with formal structures. Each tier
is matched with suitable financing, ensuring that every participant receives the level of support
aligned with their business maturity and growth potential.
The project is being launched as a Minimum Viable Product (MVP) phase, which will serve as a
testing ground to evaluate demand, operational processes, and overall product-market fit. The MVP
will focus on women-concentrated industries, namely apparel and tailoring, food services, and
beauty services, which represent some of the most active segments for women-led enterprises in
Pakistan. By piloting within these sectors, the initiative aims to demonstrate the viability of Shariah-
compliant, asset-based financing as a sustainable model that can later be scaled to a broader base of
women entrepreneurs nationwide.
