Microtakaful: BankIslami Partners with EFU to Expand Affordable Digital Protection Services
New partnership enables customers to access Shariah-compliant microtakaful plans through the BankIslami mobile banking application.
Representatives of BankIslami, EFU Life and EFU General Insurance sign a partnership to expand digital microtakaful services.
Microtakaful services are set to become more accessible in Pakistan after BankIslami partnered with EFU Life and EFU General Insurance to offer affordable Shariah-compliant protection plans through its mobile banking application.
The collaboration allows BankIslami customers to enroll in, pay for and submit claims for a range of exclusive microtakaful products directly through the bank’s digital platform, making insurance protection more convenient and accessible.
The initiative offers affordable contribution plans covering health and accident protection, mobile device insurance, digital transaction security, theft protection, home protection and travel takaful, among other services.
The partnership agreement was signed at EFU’s headquarters in Karachi. The ceremony was attended by BankIslami Chief Digital & AI Officer Waqas Anis, Head of Digital Products & Channels Hasan Saeed Akbar, Head of Digital Finance Saad Tanveer, EFU General Executive Director Abdul Sattar Baloch, EFU Life GM Channel Strategy & Growth Nilofer Sohail, along with senior representatives from the three organisations.
The collaboration supports BankIslami’s strategy to strengthen its digital banking ecosystem while expanding access to Shariah-compliant financial protection products for customers across Pakistan.
Speaking at the signing ceremony, Waqas Anis, Chief Digital & AI Officer at BankIslami, said the bank aims to build a digital ecosystem that extends beyond everyday banking transactions.
“At BankIslami, we are focused on creating a digital ecosystem that supports customers across their daily financial needs,” he said. “This partnership allows us to make Takaful protection more accessible and affordable by enabling customers to explore and manage coverage through the same platform they already use for banking.”
The three organisations said the partnership reflects their shared commitment to expanding financial inclusion by increasing access to affordable Shariah-compliant takaful solutions through digital channels.
The initiative also strengthens BankIslami’s growing portfolio of digital banking services as the bank continues to expand its technology-driven offerings in line with its mission of “Saving Humanity from Riba.”
