Breaking Barriers: SECP Approves Pakistan’s First Shariah-Compliant Digital Financing Product for Women Entrepreneurs
In a major stride toward financial inclusion, the Securities and Exchange Commission of Pakistan (SECP) has approved the country’s first-ever digital financing product explicitly designed for women-led micro, small, and medium enterprises (MSMEs).
Named the “Khudmukhtar Khatoon” financing facility, the program allows women entrepreneurs to secure asset financing ranging from Rs100,000 to Rs1.5 million. The entire initiative is powered by a fully digital, Shariah-compliant platform operated by Walee Financial Services.
Addressing the Credit Gap for Women-Led MSMEs
While the financing limit may seem modest on paper, market experts emphasize that the primary hurdle for women-led businesses in Pakistan has always been access to credit rather than the size of the loan itself. Due to the fact that many women-owned businesses operate informally, lack traditional collateral, or struggle to navigate complex banking bureaucracy, they are often forced to rely entirely on personal or family savings to grow.
The Khudmukhtar Khatoon facility directly addresses these structural barriers by digitizing the entire lending ecosystem—from application to final disbursement. Instead of handling cash, borrowers are integrated directly into a digital marketplace where they can purchase machinery, commercial equipment, and other productive business assets. The complete process is managed via a mobile application, with repayments structured in monthly installments over a one-year tenure.
Scaling Beyond Basic Microfinance
Ahmed Ali Siddiqui, Founding Director of the IBA Centre for Excellence in Islamic Finance (IBA CEIF), highlights that while Pakistan has made massive strides in inclusion—bringing over 17 million new women into the banking system since 2021—the next crucial phase is scaling these micro-enterprises into viable small and medium businesses.
“Expanding access to Shariah-compliant SME financing, credit guarantees, and cash-flow-based lending solutions can unlock a significant untapped segment and contribute meaningfully to economic growth, job creation, and women’s economic empowerment,” Siddiqui noted.
The Rise of Digital Non-Banking Finance
This launch aligns with the SECP’s broader regulatory push to promote digital-first financial alternatives. Non-Banking Finance Companies (NBFCs) are increasingly stepping in to fill the gaps left by conventional banks. According to SECP data, lending NBFCs successfully disbursed approximately Rs7.5 billion to nearly 1.7 million micro and small businesses during the six-month period ending December 2025.
The ultimate success of the Khudmukhtar Khatoon facility will depend on its adoption rates and digital accessibility, particularly for women business owners operating outside major metropolitan hubs. If executed successfully, this model could serve as a definitive blueprint for closing Pakistan’s gender financing gap and modernizing formal financial access.
Source: Adapted from the ACCA Global Media Bulletin. View the original coverage via ACCA AB Direct.