Pakistan has introduced a new initiative to enhance women’s participation in the digital and financial economy with the launch of Khudmukhtar Khatoon, the country’s first Shariah-compliant digital asset-financing solution designed exclusively for women entrepreneurs. The project has been launched through a strategic partnership between Karandaaz Pakistan and Walee Financial Services, formalized during a signing ceremony attended by senior representatives of both organizations. This collaboration signifies a major step toward bridging the financing gap for women-led businesses while ensuring that financial support aligns with Islamic principles.
Khudmukhtar Khatoon directly addresses one of the most persistent challenges for women in Pakistan’s entrepreneurial landscape — limited access to formal finance and capital for business growth. Unlike traditional lending, this initiative adopts an asset-based financing approach, where participants receive the equipment or assets required to start, operate, or expand their businesses instead of cash disbursements. This model ensures that financial resources are linked directly to business productivity and long-term sustainability. The project’s framework also recognizes that women entrepreneurs exist at varying stages of business development. To address this diversity, Khudmukhtar Khatoon introduces a tier-based structure that categorizes participants into four groups based on their business documentation, operational history, and experience. This inclusive design allows participation from home-based entrepreneurs with limited financial records as well as established business owners, with each tier receiving tailored asset-financing support aligned with their needs and potential for growth.
Initially launched as a Minimum Viable Product (MVP), the initiative will focus on women-dominated sectors such as apparel and tailoring, food services, and beauty and personal care. These industries were selected for their high potential to scale and generate employment while supporting economic empowerment for women at the community level. The MVP will serve as a testing phase to assess market demand, operational efficiency, and product-market fit before a wider rollout across the country. Through this pilot, Karandaaz and Walee aim to collect valuable insights that will inform the development of a scalable national model for inclusive Islamic financing.
Speaking at the launch event, Waqas ul Hasan, CEO of Karandaaz Pakistan, emphasized that the project aligns with the country’s broader economic and social development agenda as well as the priorities of the Gates Foundation in promoting women’s financial inclusion. He said that Khudmukhtar Khatoon embodies a financing approach rooted in local values while addressing real economic needs, and that it represents a step toward building financial systems that empower women to become active contributors to Pakistan’s economy. Noshad Minhas, CEO and Co-Founder of Walee Financial Services, described the initiative as a significant development in dignified empowerment for women entrepreneurs, adding that the Shariah-compliant model redefines access to finance through innovation and respect for cultural context.
Sharjeel Murtaza, Chief Digital Officer at Karandaaz Pakistan, noted that the program’s goal is not only to provide financial access but to create meaningful pathways for women to thrive as entrepreneurs and leaders. He said that financial inclusion should translate into real opportunities for growth and long-term impact. The pilot phase of Khudmukhtar Khatoon is expected to establish a proof of concept for future digital financing models that merge Islamic finance, digital tools, and gender inclusion. By integrating these three pillars, the initiative aims to contribute to a more inclusive, equitable, and sustainable financial ecosystem in Pakistan, setting a benchmark for similar efforts in the broader digital finance sector.
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