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.
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.