July 30, 2025

Symbiotics launches USD 5 million Gender Sukuk with Kashf Foundation, Pakistan

Geneva, Switzerland & Lahore, Pakistan
30 July 2025

Symbiotics, the leading market access platform for impact investing, has arranged a USD 5 million Gender Sukuk for Kashf Foundation, one of the largest non-deposit-taking microfinance institutions   serving low income communities in Pakistan. This transaction marks Symbiotics first sukuk issuance and the first gender-based sukuk to be deployed in Pakistan’s microfinance sector. The anchor investor to the transaction is I-AM Vision Microfinance.

The proceeds of the issuance will allow Kashf Foundation to provide Shari’ah-compliant microfinancing to its female customer base by expanding its Murabaha product in the Khyber Pakhtunkhwa region. This will equip women and women-led businesses with financial resources to launch and expand their ventures, with the aim of generating employment at the grassroots level, particularly in underserved areas of the region where access to financial services is most critically needed.

Kashf Foundation is driven by its mission to deliver high-quality and sustainable microfinance services to low-income families and female micro-entrepreneurs, aiming to strengthen their financial resilience and alleviating household poverty in the country.

Symbiotics views this transaction as a significant milestone in our long-standing partnership with Kashf Foundation. It showcases Kashf’s ability to align with the internationally accepted International Capital Market Association’s Guidance on Green, Social and Sustainability Sukuk, making it more attractive to international investors. The Gender Sukuk qualifies as a social sukuk under these guidelines and is structured as a Murabaha, in conformity with the Accounting and Auditing Organization for Islamic Financial Institutions’ Shari’ah Standards.

“This transaction marks Symbiotics long awaited entry into the Islamic Finance market. By expanding our product offering to sukuk, we are able to meet our investees’ Shari’ah-compliant funding needs and their end-customers’ demand for faith-based financing. This underscores the natural synergies intrinsic to Islamic finance and Symbiotics impact investing practices.” added Mohammed Mustapha Ja’afar, who leads Shariah-compliant finance solutions within the Arranger Services & Structuring team of Symbiotics.

“This sukuk marks a first-of-its-kind initiative in Pakistan’s microfinance landscape, bringing together a Shari’ah-compliant front-end product for women through Murabaha financing and a back-end capital market solution through sukuk. At Kashf, we are proud to be pushing the frontiers of inclusive finance by connecting underserved women entrepreneurs to global capital markets. What makes this achievement particularly significant is that it represents the first time in Pakistan’s history that women-led businesses are being recognized as credible and investable opportunities from an international perspective.” stated Roshaneh Zafar, Managing Director, Kashf Foundation.

“I-AM is pleased to be part of this new product to support the Islamic community in Pakistan. Symbiotics efforts to offer Shariah-compliant products demonstrate the ongoing commitment to meeting the specific needs of our clients.” added Birgit Havlik, Portfolio Manager, Impact Asset Management GmbH.

The sukuk issuance contributes to SDG5: Gender Equality, by providing financial resources specifically designed for women entrepreneurs in underserved regions thereby promoting women’s economic empowerment and reducing gender disparities in access to financial services.

The sukuk notes are issued via Symbiotics sponsored securities issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainable Bond Framework, which was certified in December 2019, November 2021 and March 2024 by DNV GL.  The sukuk notes are listed on the Securities Official List of the Luxembourg Stock Exchange and displayed on the Luxembourg Green Exchange.

Link to: Sustainable Bond Framework of Micro, Small & Medium Enterprises Bonds S.A.

About Symbiotics

Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, we have originated over 8,200 investments representing more than USD 10.5 billion for 608 companies in 99 countries. We manage an aggregate portfolio of USD 2.5 billion spread across 19 funds and mandates. Our portfolio companies have also benefited from over 170 technical assistance projects worth more than USD 19 million. For more details, visit symbioticsgroup.com

About Kashf Foundation

Kashf is registered as a Non-Banking Micro Finance Company which is regulated by the Securities and Exchange Commission of Pakistan. Kashf was set up in 1996 as the first specialized microfinance institution of Pakistan and began operations as a Grameen replicator localized to Pakistan’s needs. Since then Kashf has successfully carved out a distinct and unique niche for itself in the microfinance sector at home and abroad by offering a suite of innovative and transformative products and services to low-income households especially women. Kashf offers appraisal backed individual lending to its clients along with other non-financial services to have a transformative impact at the household level.  So far, the Foundation has been able to disburse loans to over 8 million borrowers worth USD 1.09 billion. The Foundation is operating through its 422 branches spread across all provinces of Pakistan. For more details, visit kashf.org

About Impact Asset Management GmbH

Impact Asset Management GmbH is a leading sustainable asset management company in the German speaking region, which is specialized in asset allocation, analysis and management of impact and sustainable investments. The I-AM team consists of 28 employees. Since December 2024, I-AM has been under the ownership of Erste Asset Management. The investment policy pursues the goal of contributing to the achievement of the UN Sustainable Development Goals through the investment strategy in ESG-compliant securities, impact investment via microfinance and a responsible investment approach. Our investment objective is to generate social, environmental and financial returns as a “triple bottom line” asset manager. Collaborations complement our investment processes and promote the exchange of knowledge at an international level. The aim of all products is continuous capital growth but with a focus on security and risk minimisation. In rising markets the focus is on performance optimisation. In falling markets the focus is on active risk management in order to protect the consigned assets from heavy losses. The business focus is on institutional clients and high net worth individuals. Our goal is to increase our customer base in close collaboration with banks, online businesses and distributors and to expand into new markets in the coming years. Fo more details, visit www.impact-am.eu

For more information, contact:

Roberta Maurutto, Corporate Communication Specialist
roberta.maurutto@symbioticsgroup.com

Shahzad Iqbal, Chief Finance Officer, Kashf Foundation
shahzad.iqbal@kashf.org

Amna Kausar, Senior Manager Communications, Grants & External Engagement, Kashf Foundation
amna.kausar@kashf.org

Jutta Kaufmann, Senior Marketing Manager, Impact Asset Management GmbH
j.kaufmann@impact-am.eu