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Islamic fintech companies are now incentivized to enter into the electronic payment business in Pakistan as the State Bank of Pakistan (SBP) has issued revised regulations for electronic money institutions (EMIs) with the aim to enhance its outreach and scope of the service.
Finja Invest, a Shariah compliant P2P financing platform, has received approval from the regulator to officially run its business, making it the first P2P lending service provider in the country.
Pakistan-based Abhi, which offers Shariah compliant digital financial services, has raised US$17 million in Series A funding, bringing its valuation to US$90 million.