19 Dec 2025
VEON's Mobilink Microfinance Bank Launches Islamic Banking Operations in Pakistan Dubai and Islamabad, December 19, 2025 - VEON Ltd. (Nasdaq: VEON), a global digital operator, announced today that its financial services subsidiary, Mobilink Microfinance Bank Ltd., has launched Islamic banking operations in Pakistan, expanding access to Shariah-compliant financial services in in response to growing customer demand.
Mobilink Bank inaugurated its first dedicated Islamic banking branch this week in Karachi, Pakistan's economic hub. A second Islamic banking branch is scheduled to commence operations in Peshawar later this month, followed by a phased rollout of Islamic banking services across additional locations nationwide. Mobilink Bank received its Islamic Banking licence from the State Bank of Pakistan earlier in 2025.
The launch of Islamic banking services supports the Bank's strategy to broaden financial choice and inclusion for individuals, micro-entrepreneurs, and small businesses across Pakistan. Mobilink Bank's Islamic banking portfolio will offer Shariah-compliant deposit and financing products designed to meet everyday financial needs and support business growth. With the launch of Islamic banking at Mobilink Bank, we are reinforcing our commitment to inclusive, customer-centric financial services, said Aamir Ibrahim, Chairman of the Mobilink Bank Supervisory Board. The continued growth of Islamic banking in Pakistan reflects strong demand and significant potential, which we are proud to address through solutions that empower individuals and businesses.
Expanding into Islamic banking allows us to directly respond to the needs of a large segment of Pakistan's population, said Haaris Mahmood Chaudhary, President and CEO of Mobilink Bank. By offering transparent, faith-aligned products through both physical branches and digital channels, we are increasing access to formal financial services across the country.
According to the State Bank of Pakistan's Islamic Banking Bulletin for the period ending September 2025, Islamic banking assets reached approximately PKR 12.7 trillion (around USD 44 billion), accounting for 21.6% of total banking sector assets. Islamic banking deposits represented 26.5% of total deposits nationwide1. On a year-on-year basis, Islamic banking assets and deposits grew by 28.3% and 29.7%, respectively, underscoring the sector's strong momentum and rising customer adoption.
Through JazzCash and Mobilink Microfinance Bank in Pakistan, Simply in Kazakhstan, and Beepul in Uzbekistan, VEON delivers digital financial services at scale, supporting financial inclusion and accelerating the transition toward cashless economies.
1Islamic Banking Bulletin September-2025.pdf
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 150 million connectivity customers and over 140 million digital users. Operating across five countries that are home to more than 6% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com.
Mobilink Microfinance Bank
Mobilink Microfinance Bank is Pakistan's leading digital microfinance institution, committed to promoting financial inclusion through digital and branch-based banking services. The bank has been recognized for its institutional and digital capabilities, including being named Best Microfinance Bank at the Pakistan Banking Awards 2024 and winning the Best Digital Banking Services Award (Microfinance category) at the CFA Society Pakistan Annual Excellence Awards for three consecutive years. The Bank operates with a network of 114 branches. https://mobilinkbank.com/
Forward-Looking Statements Disclaimer
This release contains forward-looking statements , within the meaning of the Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to our strategic ambitions regarding Islamic banking. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to our strategic ambitions regarding Islamic banking, among others discussed in the section entitled Risk Factors in VEON's 2024 Form 20-F filed with the SEC on April 25, 2025 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.
Contact Information
VEON
Hande Asik
Chief Communications and Strategy Officer
pr@veon.com
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