Pakistan’s Haball secures $52 million to expand Islamic fintech services

Shariah-compliant fintech firm aims to tap Saudi market after major funding boost from Zayn VC and Meezan Bank.

ISLAMABAD, Pakistan (MNTV) – Pakistani fintech startup Haball has raised $52 million in a bid to scale its Islamic financial services both domestically and across the Middle East, the company announced on Tuesday.

The funding round includes $5 million in equity led by venture capital firm Zayn VC, and $47 million in strategic financing from Meezan Bank, the country’s largest Islamic bank. 

The capital injection will strengthen Haball’s footprint in Pakistan’s nascent but growing supply chain finance sector and support its entry into the Saudi Arabian market later this year.

Founded in 2017, Haball offers an end-to-end digital platform that provides financing, payment collection, invoicing, and tax compliance—all within the framework of Islamic finance. So far, the company has processed over $3 billion in payments and disbursed more than $110 million in financing to around 8,000 small and medium-sized enterprises (SMEs) and multinational clients.

Pakistan’s supply chain finance sector is still in early stages but has a projected value exceeding $9 billion. Most of the country’s SMEs—over 95%—lack access to conventional bank financing, underscoring a significant market opportunity for alternative financing models.

Islamic finance, which prohibits interest and speculative investments, is growing steadily in Pakistan. According to the State Bank of Pakistan’s June 2024 Islamic Banking Bulletin, Islamic banking assets reached nearly 9.7 trillion Pakistani rupees ($34.54 billion), accounting for 18.8% of total banking assets and 22.7% of deposits. The central bank aims to raise that share to 30% by the end of 2025 under its strategic roadmap.

With regional expansion on the horizon, starting with Saudi Arabia, Haball is positioning itself as a key player in the Islamic digital finance space across Muslim-majority markets.