VEON Launches Islamic Banking Operations in Pakistan to Meet Customer Demand
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 19 2025
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Should l Buy VEON?
Source: Newsfilter
- Market Expansion: Mobilink Microfinance Bank inaugurated its first dedicated Islamic banking branch in Karachi, with a second branch set to open in Peshawar later this month, marking a strategic move to meet the growing customer demand for Shariah-compliant services.
- Increased Financial Choices: The newly launched Islamic banking services will offer Shariah-compliant deposit and financing products aimed at supporting the everyday financial needs of individuals, micro-entrepreneurs, and small businesses, thereby enhancing financial inclusion across Pakistan.
- Industry Growth Potential: According to the State Bank of Pakistan, Islamic banking assets reached approximately PKR 12.7 trillion (around USD 44 billion) as of September 2025, accounting for 21.6% of total banking sector assets, indicating strong momentum in the sector.
- Digital Service Enhancement: Through JazzCash and Mobilink Microfinance Bank, VEON delivers digital financial services in Pakistan, facilitating the transition to cashless economies and further solidifying its leadership position in the financial services sector.
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Analyst Views on VEON
Wall Street analysts forecast VEON stock price to rise
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 53.260
Low
75.00
Averages
87.50
High
100.00
Current: 53.260
Low
75.00
Averages
87.50
High
100.00
About VEON
VEON Ltd is a United Arab Emirates-based digital operator providing connectivity and Internet services to corporates and individuals. The Company offers mobile and fixed-line telecommunications services through a range of traditional and broadband mobile technologies. Mobile telecommunications services are provided under contract and prepaid plans for corporate and consumer segments, as well as value-added services. It also offers fixed-line telecommunication services, such as voice, data, and Internet services, as well as data transmission and network access, domestic and international voice termination, and international transit services for corporations, operators, and consumers. The Company also sells equipment, infrastructure, and accessories. Its services are offered in Pakistan, Uzbekistan, Kazakhstan, Ukraine, Bangladesh, and Kyrgyzstan. The Company provides its services under the Beeline, Kyivstar, Banglalink, and Jazz brands.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Significant Platform Impact: Tabletki.ua facilitates an average of 14 million medicine reservations per month, with a gross merchandise value of UAH 45 billion (approximately $1.06 billion) in FY2024, highlighting its critical role and user trust in accessing medications in Ukraine.
- Strong Financial Performance: As of September 30, 2025, Tabletki.ua reported LTM EBITDA of $24 million and net profit of $20 million, with the acquisition price reflecting a price to LTM earnings ratio of 8.0X, indicating sound financial rationale for the deal.
- Strategic Development Outlook: This acquisition integrates Tabletki.ua into Kyivstar's digital service portfolio, expected to accelerate the development of innovative healthcare services, enhancing accessibility for Ukrainians, aligning with VEON's long-term strategy to invest $1 billion in Ukraine.
See More
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- MoU Signing: JazzWorld signed a Memorandum of Understanding with Nutshell Group to advance digitalization, inclusive growth, and cross-border investment, marking a significant step in showcasing Pakistan's collaborative potential in the digital economy, likely attracting more foreign investment.
- Macroeconomic Stability: Pakistan's Minister of State for Finance, Bilal Azhar Kiyani, highlighted that government initiatives have achieved macroeconomic stability, enhancing investor confidence and creating a favorable environment for future investments.
- Digital Transformation: VEON's investment in Pakistan exceeds $11 billion, with JazzWorld serving 100 million users as a leading digital services company, driving the country's digital transformation and increasing Pakistan's attractiveness to global investors.
See More
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- Offering Size and Pricing: Kyivstar successfully completed a secondary offering of 14.375 million shares at a price of $10.50 per share, raising approximately $139.8 million, which reflects strong market demand for Ukrainian digital operators.
- Oversubscription Details: The offering was oversubscribed by five times, indicating robust confidence from international investors in Kyivstar's growth potential, thereby expanding its investor base significantly.
- VEON Ownership Adjustment: Following the offering, VEON's ownership in Kyivstar decreased to 83.6%, resulting in net proceeds of $139.8 million for VEON, which plans to utilize these funds for general corporate purposes, enhancing its financial flexibility.
- Future Investment Commitment: Kyivstar and VEON aim to invest $1 billion in Ukraine from 2023 to 2027, focusing on infrastructure and technological development to drive local economic recovery, demonstrating a long-term commitment to the Ukrainian market.
See More
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- Strategic Collaboration: VEON has partnered with MindBridge to deploy AI analytics tools across its global operations, aiming to enhance standardization and scalability in finance, internal controls, and audits, thereby strengthening its competitive edge in digital services.
- AI Platform Implementation: VEON will adopt MindBridge's Central Insights Factory (CIF) as a group-wide AI-driven platform that analyzes all transactions instead of samples, improving the consistency and efficiency of risk identification and control insights, which promotes transparency in decision-making.
- Market Expansion Potential: The two companies will jointly explore providing AI-powered financial analytics services to business customers and governments, further expanding VEON's digital service portfolio and enhancing its influence across multiple industry markets.
- Support for AI1440 Strategy: This collaboration aligns closely with VEON's AI1440 strategy, aiming to embed augmented intelligence into financial processes to improve decision quality and drive long-term economic value, showcasing the company's commitment to responsible and transparent AI application.
See More
VEON Partners with MindBridge for AI-Powered Financial Analytics
- Strategic Collaboration Initiated: VEON and MindBridge have formed a partnership to deploy AI analytics tools across global operations, aiming to enhance standardization and scalability in finance, internal controls, and audits, thereby strengthening the company's competitive edge in managing complex data.
- Central Insights Factory Implementation: VEON will adopt MindBridge's Central Insights Factory (CIF) as a group-wide AI platform that analyzes all transactions instead of samples, improving the accuracy and efficiency of risk identification and control insights, ensuring financial transparency and reliable decision-making.
- Support for AI1440 Strategy: This collaboration aligns closely with VEON's AI1440 strategy, aiming to optimize data control processes through embedded augmented intelligence, expanding the digital services portfolio, and ultimately enhancing customer service quality and enterprise decision-making capabilities.
- Building Transparency and Trust: MindBridge's AI platform consolidates all financial transactions into a single source of insights, enhancing visibility across finance, risk, and internal audit, reflecting both companies' shared commitment to applying AI responsibly and transparently.
See More
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- Public Offering Pricing: Kyivstar Group has announced a public offering of 12.1 million common shares at a price of $10.50 per share, expected to close on February 2, 2026, which will provide funding support for future growth initiatives.
- Underwriter Option: Selling shareholders have granted underwriters a 30-day option to purchase an additional 1.875 million common shares at the public offering price, potentially enhancing market confidence in the offering.
- Strategic Investment Plan: VEON and Kyivstar intend to invest $1 billion in Ukraine from 2023 to 2027, aiming to drive local economic growth through infrastructure and technological development, demonstrating a long-term commitment to the Ukrainian market.
- Market Impact: The successful execution of this public offering will bolster Kyivstar's market position and provide VEON with the necessary capital to expand its digital services, further solidifying its competitiveness among global digital operators.
See More
VEON Acquires Tabletki.ua for $160 Million
- Acquisition Completed: VEON's subsidiary Kyivstar has completed the acquisition of the Ukrainian digital platform Tabletki.ua for $160 million, paid in Ukrainian hryvnia, further solidifying Kyivstar's market position in the digital healthcare sector.
- Significant Platform Impact: Tabletki.ua facilitates an average of 14 million medicine reservations per month, with a gross merchandise value of UAH 45 billion (approximately $1.06 billion) in FY2024, highlighting its critical role and user trust in accessing medications in Ukraine.
- Strong Financial Performance: As of September 30, 2025, Tabletki.ua reported LTM EBITDA of $24 million and net profit of $20 million, with the acquisition price reflecting a price to LTM earnings ratio of 8.0X, indicating sound financial rationale for the deal.
- Strategic Development Outlook: This acquisition integrates Tabletki.ua into Kyivstar's digital service portfolio, expected to accelerate the development of innovative healthcare services, enhancing accessibility for Ukrainians, aligning with VEON's long-term strategy to invest $1 billion in Ukraine.
See More
VEON Launches 'Invest in Pakistan, NOW!' Initiative to Attract Foreign Investment
- Investment Initiative: VEON launched the 'Invest in Pakistan, NOW!' initiative at the World Governments Summit in Dubai, aiming to attract international investors to recognize Pakistan's strengthening economic fundamentals, which is expected to drive foreign capital inflow and boost national economic growth.
- MoU Signing: JazzWorld signed a Memorandum of Understanding with Nutshell Group to advance digitalization, inclusive growth, and cross-border investment, marking a significant step in showcasing Pakistan's collaborative potential in the digital economy, likely attracting more foreign investment.
- Macroeconomic Stability: Pakistan's Minister of State for Finance, Bilal Azhar Kiyani, highlighted that government initiatives have achieved macroeconomic stability, enhancing investor confidence and creating a favorable environment for future investments.
- Digital Transformation: VEON's investment in Pakistan exceeds $11 billion, with JazzWorld serving 100 million users as a leading digital services company, driving the country's digital transformation and increasing Pakistan's attractiveness to global investors.
See More
Kyivstar Completes Successful Secondary Offering of 14.375 Million Shares
- Offering Size and Pricing: Kyivstar successfully completed a secondary offering of 14.375 million shares at a price of $10.50 per share, raising approximately $139.8 million, which reflects strong market demand for Ukrainian digital operators.
- Oversubscription Details: The offering was oversubscribed by five times, indicating robust confidence from international investors in Kyivstar's growth potential, thereby expanding its investor base significantly.
- VEON Ownership Adjustment: Following the offering, VEON's ownership in Kyivstar decreased to 83.6%, resulting in net proceeds of $139.8 million for VEON, which plans to utilize these funds for general corporate purposes, enhancing its financial flexibility.
- Future Investment Commitment: Kyivstar and VEON aim to invest $1 billion in Ukraine from 2023 to 2027, focusing on infrastructure and technological development to drive local economic recovery, demonstrating a long-term commitment to the Ukrainian market.
See More
VEON Partners with MindBridge for AI Analytics
- Strategic Collaboration: VEON has partnered with MindBridge to deploy AI analytics tools across its global operations, aiming to enhance standardization and scalability in finance, internal controls, and audits, thereby strengthening its competitive edge in digital services.
- AI Platform Implementation: VEON will adopt MindBridge's Central Insights Factory (CIF) as a group-wide AI-driven platform that analyzes all transactions instead of samples, improving the consistency and efficiency of risk identification and control insights, which promotes transparency in decision-making.
- Market Expansion Potential: The two companies will jointly explore providing AI-powered financial analytics services to business customers and governments, further expanding VEON's digital service portfolio and enhancing its influence across multiple industry markets.
- Support for AI1440 Strategy: This collaboration aligns closely with VEON's AI1440 strategy, aiming to embed augmented intelligence into financial processes to improve decision quality and drive long-term economic value, showcasing the company's commitment to responsible and transparent AI application.
See More
VEON Partners with MindBridge for AI-Powered Financial Analytics
- Strategic Collaboration Initiated: VEON and MindBridge have formed a partnership to deploy AI analytics tools across global operations, aiming to enhance standardization and scalability in finance, internal controls, and audits, thereby strengthening the company's competitive edge in managing complex data.
- Central Insights Factory Implementation: VEON will adopt MindBridge's Central Insights Factory (CIF) as a group-wide AI platform that analyzes all transactions instead of samples, improving the accuracy and efficiency of risk identification and control insights, ensuring financial transparency and reliable decision-making.
- Support for AI1440 Strategy: This collaboration aligns closely with VEON's AI1440 strategy, aiming to optimize data control processes through embedded augmented intelligence, expanding the digital services portfolio, and ultimately enhancing customer service quality and enterprise decision-making capabilities.
- Building Transparency and Trust: MindBridge's AI platform consolidates all financial transactions into a single source of insights, enhancing visibility across finance, risk, and internal audit, reflecting both companies' shared commitment to applying AI responsibly and transparently.
See More
VEON Group Announces Pricing of Kyivstar Public Offering
- Public Offering Pricing: Kyivstar Group has announced a public offering of 12.1 million common shares at a price of $10.50 per share, expected to close on February 2, 2026, which will provide funding support for future growth initiatives.
- Underwriter Option: Selling shareholders have granted underwriters a 30-day option to purchase an additional 1.875 million common shares at the public offering price, potentially enhancing market confidence in the offering.
- Strategic Investment Plan: VEON and Kyivstar intend to invest $1 billion in Ukraine from 2023 to 2027, aiming to drive local economic growth through infrastructure and technological development, demonstrating a long-term commitment to the Ukrainian market.
- Market Impact: The successful execution of this public offering will bolster Kyivstar's market position and provide VEON with the necessary capital to expand its digital services, further solidifying its competitiveness among global digital operators.
See More
