New project seeks to empower women entrepreneurs in Pakistan

A new project has been launched in Pakistan to cater to the financial needs of women entrepreneurs and address gender barriers faced by females in running a business in the country.

The ‘Khudmukhtar Khatoon’ initiative, launched by Karandaaz Pakistan, a financial investment company, and Walee Financial Services is Pakistan’s first Shariah-compliant, digital, asset-financing solution exclusively designed for women entrepreneurs.

The two companies signed a formal agreement on Monday, according to a press release.

The initiative aims to provide women entrepreneurs access to finance and help them scale their business.

The pilot project will be the first-of-its-kind, women-focused, Shariah-compliant asset financing product in Pakistan, the statement added.

Under the program, women entrepreneurs will receive business assets rather than cash disbursements, the press release said, adding the model ensures that resources translate into sustainable business growth.

The program will also focus on sectors with high participation from women entrepreneurs: apparel and tailoring, food services, and beauty services.

It will help women proprietors evaluate demand, operational processes, and product-market fit, to help them scale their business.

Waqas ul Hasan, Chief Executive Officer at Karandaaz Pakistan, called women’s economic participation “central to Pakistan’s national development agenda”.

“Through Khudmukhtar Khatoon, Karandaaz is proud to pioneer a model that meets the financing needs of women entrepreneurs but does so in a way that aligns with local values and economic priorities,” Hassan added.

Noshad Minhas, CEO & Co-Founder of Walee Financial Services, said the project is a step toward empowering women entrepreneurs.