Financial Innovation or Smoke and Mirrors? Assessing New Financial Products in Pakistan


  • Salman Zafar BSBA, Comsats University
  • Amara Riaz MBA (Banking and Finance), BZU, Multan
  • Dr Nageena Farooq PhD, Scholar, Times Institute, Multan
  • Muhammad Tufail BBA (Banking and Finance), Institute of Banking and Finance, BZU Multan


The financial sector in Pakistan has witnessed significant innovation in recent years, with the introduction of various new products and services. However, the effectiveness and impact of these innovations on the overall financial system and economy remain debated. This study aimed to assess the nature and implications of financial innovations in Pakistan. It employed a mixed-methods approach, utilizing both qualitative and quantitative data analysis techniques. The study examined the performance of selected new financial products, their adoption rates, and their perceived benefits and risks among stakeholders. The findings revealed a mixed picture, with some innovations contributing to financial inclusion and efficiency, while others raised concerns about potential systemic risks and regulatory challenges. The study highlights the need for a balanced approach that fosters responsible innovation while maintaining financial stability and consumer protection.

Keywords: financial innovation, new financial products, Pakistan, financial inclusion, systemic risk, regulatory challenges




How to Cite

Salman Zafar, Amara Riaz, Dr Nageena Farooq, & Muhammad Tufail. (2024). Financial Innovation or Smoke and Mirrors? Assessing New Financial Products in Pakistan. Journal of Business and Management Research, 3(1), 384–392. Retrieved from