KARACHI: BankIslami has partnered with EFU Life Assurance and EFU General Insurance to provide affordable microtakaful protection through its mobile banking application, expanding access to Shariah-compliant insurance solutions for customers across Pakistan.

Under the partnership, BankIslami customers can enrol in, pay for and submit claims for exclusive microtakaful plans directly through the bank’s digital platform. The offering also includes health and accidental coverage, mobile device protection, digital transaction security, theft protection, home protection and travel takaful.

The agreement was signed during a ceremony at EFU’s headquarters in Karachi. Among those attending were BankIslami Chief Digital & AI Officer Waqas Anis, EFU General Executive Director Abdul Sattar Baloch and senior representatives from EFU Life and BankIslami.

According to the companies, the initiative supports BankIslami’s strategy to strengthen its digital banking services while extending Shariah-compliant financial protection to a broader customer base.

Project Elevate: S&P Global Pakistan and TiE Islamabad launch three-year mentorship programme

Commenting on the partnership, Waqas Anis said the bank aims to build a digital ecosystem that addresses customers’ everyday financial needs beyond traditional banking services.

“This initiative allows us to use our digital capabilities to make takaful coverage more accessible and affordable, enabling customers to explore protection solutions through the same platform they already use for banking,” he said.

Furthermore, the three organisations said the collaboration reflects their shared commitment to expanding access to Shariah-compliant microtakaful products and supporting greater financial inclusion through digital innovation.

Meanwhile, BankIslami said the partnership strengthens its growing portfolio of digital banking initiatives as it continues to expand its digital ecosystem in line with its mission of promoting interest-free banking.