Centre for Women Co-Operative Development (CWCD)now known as "Wasil Foundation" came into existence as a Non-Governmental Organization in 1992, regulated under the Voluntary Social Welfare Agencies (Registration & Control) Ordinance 1961. Currently, CWCD is registered as a company under section 42 of the Companies Ordinance, 1984 by the name of "Wasil Foundation", and has successfully transfered its assets and liabilities to Wasil Foundation in 2012. Since inception, Wasil Foundation is devoted towards the achievement of its objectives—poverty alleviation through enterprise development and the creation of value chains. The aim of the organization is to economically empower poor communities and facilitate them in developing their businesses through Micro Credit and Enterprise Development Programs. In 2009, Wasil Foundation (formerly CWCD) extended its operations from Conventional Microfinance to Islamic Microfinance and eventually discontinued conventional microfinance in 2010, thus becoming a purely Islamic Microfinance organization. Wasil Foundation has thus become the pioneer organization in Islamic Microfinance operations in Pakistan. Under Islamic Microfinance, Wasil Foundation has successfully introduced five Murabaha, Sala’m, Istisna, Ijara and Diminishing Musharaka in the true spirit of Islam..