BankIslami Joins Forces with EFU Life and EFU General Insurance to Expand Access to Affordable Microtakaful Protection.
BankIslami has officially joined forces with EFU Life Assurance and EFU General Insurance to integrate affordable microtakaful protection plans directly into the bank’s digital mobile ecosystem.
The strategic partnership enables BankIslami customers to seamlessly enroll in, pay for, and manage exclusive microtakaful plans with low-cost contribution options straight from the bank’s primary mobile app.
A Broad Portfolio of Digital Protection Plans
The newly launched digital offering is designed to address a wide variety of daily risks faced by modern retail consumers. The Shariah-compliant plans available through the application include:
- Health & Accidental Coverage: Lowering financial barriers to emergency medical care.
- Mobile Device Protection: Safeguarding valuable consumer electronics against physical damage or loss.
- Digital Transaction Security & Theft Protection: Adding an extra layer of defense against online financial scams and security breaches.
- Home & Travel Takaful: Ensuring structural and situational safety net coverage for domestic properties and travel itineraries.
The formal agreement was finalized during an executive signing ceremony held at the EFU headquarters in Karachi. The event was attended by BankIslami’s top digital leadership, including Chief Digital & AI Officer Waqas Anis, Head of Digital Products & Channels Hasan Saeed Akbar, and Head of Digital Finance Saad Tanveer. Representing the insurance sector were EFU General Executive Director Abdul Sattar Baloch and EFU Life GM of Channel Strategy & Growth Nilofer Sohail.
Building a Comprehensive Shariah-Compliant Ecosystem
“At BankIslami, we are focused on building a digital ecosystem that goes beyond routine transactions and supports our customers across their everyday financial needs,” said Waqas Anis, BankIslami’s Chief Digital & AI Officer.
Anis added that the partnership leverages the bank’s existing digital architecture to democratize insurance access, allowing users to effortlessly explore vital protection solutions on a platform they already use daily.
The collaboration aligns closely with BankIslami’s targeted capital investments into next-generation digital products. By automating the registration and claims processes via mobile banking channels, the initiative eliminates standard branch paperwork bottlenecks. Ultimately, the roll-out furthers the bank’s overarching institutional mission of introducing ethical, tech-forward alternatives aligned with its core objective of saving humanity from Riba (usury).
