ISLAMABAD: Walee Financial Services Pvt Ltd, a Pakistani influencer marketing and social commerce platform, has launched the country’s “first ever” Islamic interest-free, nano-finance through a commodity-based trade structure, it said on Friday.
The Islamic nano-financing product is based on a model, wherein customers participate in a commodity trade process to secure financing without the involvement of interest, according to the platform.
It says the innovative product ensures that all transactions are free from ‘riba,’ or interest, and align with the principles of fairness and transparency advocated by Islam.
“This is a momentous achievement in rolling out Islamic nano-finance. It has been made possible through the grit, passion, and unwavering faith of our founding team in Islamic finance, highlighting the benefits to society at large,” Dr. Rashid Mansoor, head of Shariah-compliance at Walee Financial Services Pvt Ltd, said in a statement.
“True Shariah-compliance has been achieved through cutting-edge technology, supported by esteemed Muftis [Muslim experts on religious matters] and Shariah scholars.”
Walee Financial Services is offering the Islamic nano-finance under its fintech brand Hakeem.
“By offering Shariah-compliant financing facilities, Walee Financial Services is actively contributing to the country’s mission to transition toward a Shariah-compliant economy,” the platform said.
“This aligns with the Federal Shariat Court’s ruling that abolishing riba is fundamental for an Islamic financial system, and supports the State Bank of Pakistan’s efforts to promote Islamic finance across the country.”
The platform said the launch of this Islamic nano-financing product aligned Walee Financial Services Pvt Ltd. with the religious obligations of the Muslim community and the national agenda to eradicate interest-based financial practices.
Pakistan’s parliament last month also approved a constitutional amendment, setting a clear deadline of January 1, 2028 for complete elimination of riba in Pakistan’s financial system among other constitutional changes.
Pakistani social commerce platform launches Islamic interest-free nano-finance
https://arab.news/4vxa9
Pakistani social commerce platform launches Islamic interest-free nano-finance
- The product is based on a model wherein customers participate in a commodity trade process to secure financing
- It ensures all transactions are free from ‘riba,’ or interest, and align with the principles of fairness and transparency
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
