KARACHI: Haball, a Pakistan fintech firm, raised $52 million to expand its Shariah-compliant supply chain financing and payments services, the company said on Tuesday.
The funding, led by Zayn VC and Meezan Bank, includes $5 million in equity and $47 million in strategic financing and will support Haball’s growth plans for Pakistan, the company said in a statement.
The money will also help Haball’s expansion into the Middle East, starting with Saudi Arabia this year, it added.
“Supply chain finance in Pakistan is nascent but is expected to be worth over $9 billion; driven by the severe financing gap faced by the country’s SMEs – less than 5 percent can access financing from commercial banks,” the company statement said.
Islamic banking and finance has been growing rapidly in Pakistan, the world’s second most populous Muslim country, with assets reaching 9,689 billion Pakistani rupees ($34.54 billion)at the end of June 2024, according to the Quarterly Islamic Banking Bulletin released by the State Bank of Pakistan.
The market share of assets and deposits of the Islamic banking sector in the overall banking industry stood at 18.8 percent and 22.7 percent, respectively.
The central bank has a target of 30 percent of overall banking assets and deposits to be Islamic by this year, according to its strategic plans for 2023-2028.
Haball says it provides shariah-compliant financing to nearly 8,000 small and medium-sized enterprises (SMEs) as well as multinationals, in addition to digital invoicing, payment collection, and tax compliance services.
“Haball has processed over $3 billion in payments and disbursed over $110 million in financing – optimizing supply chains across the country,” said the firm’s founder and CEO, Omer bin Ahsan.
Islamic finance bans interest payments and pure monetary speculation and can only be used to invest in Shariah-compliant assets or portfolios. ($1 = 280.5000 Pakistani rupees)
Pakistani fintech secures $52 million funding to grow Islamic finance business, plans Middle East foray
https://arab.news/895hx
Pakistani fintech secures $52 million funding to grow Islamic finance business, plans Middle East foray
- Funding includes $5 million in equity, $47 million in strategic financing, will support Haball’s growth plans for Pakistan
- The money will also help Haball’s expansion into the Middle East, starting with Saudi Arabia this year, company said
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
