Shaheen Foundation (Urdu pronunciation: [ʃɑːˈhiːn] shah-HEEN) is a welfare foundation of the Pakistan Air Force. Shaheen Foundation works in different sectors ranging from education to aviation.

Shaheen Foundation was founded in 1977 by the Pakistan Air Force under the Charitable Endowments Act of 1889, with an initial investment of Rs 5 million, about half of which was provided by the Government of Pakistan.

In 1993, Shaheen Foundation founded Shaheen Air. The airline's early operations were fraught with difficulties, exacerbated by a 50 percent fare discount for retired and serving military officers and high operating costs due to a limited number of aircraft on wet lease.

In 1995, Shaheen Foundation founded Shaheen Insurance in a joint venture with a South African insurance company, Hollard Group, which held 30 percent stake. Later, Hollard's management was dissatisfied with the investment, citing corruption as a major impediment to their investment's success. The negotiation of this partnership was notably managed on a one-to-one basis by an acting Pakistan Air Force officer, who was employed by the company after his retirement.

Later, Shaheen Foundation established the radio channel FM-100 and the satellite television network SB Pay-TV, with the help of Asif Ali Zardari, and his close aide. These businesses were marred by controversial agreements that led to financial losses for the foundation. In 2000, the foundation filed a legal complaint with the Securities and Exchange Commission of Pakistan under section 263 of the Companies Act, alleging violations of the agreement terms by a major shareholder.