aik, described as the first fully digital Islamic banking platform in Pakistan and launched by BankIslami Pakistan Limited, has joined hands with PalmPay Pakistan to introduce Shariah compliant smartphone financing. The arrangement is designed to give customers a convenient way to purchase smartphones through easy instalments, bringing together the ease of a digital platform with the principles of Islamic banking. Customers will be able to access the financing directly through the aik application.
The collaboration seeks to address two key challenges facing the growing smartphone market in Pakistan, namely the affordability of devices and the limited availability of Riba free financing options. For many consumers who wish to remain faithful to Islamic principles in their financial dealings, conventional device financing has not always been a suitable choice. By offering a Shariah compliant alternative inside a digital banking application, the two organisations aim to widen the range of options available to such customers while keeping the purchasing process simple and accessible.
The announcement comes at a time when smartphone adoption continues to expand across the country, and access to affordable devices is becoming increasingly important for participation in the digital economy. The two organisations stated that the collaboration is intended to make smartphone ownership more accessible, while also supporting the broader digital transformation and financial inclusion efforts under way in Pakistan. A smartphone has become a gateway to digital services, and easier access to the device is expected to open the door to wider use of those services.
Ashfaque Ahmad, Chief Officer of aik by BankIslami, said, “Shariah-compliant financing is a high-potential market. Smartphone use is growing rapidly, and these customers are looking for financing that aligns with their faith.” His remarks point to a segment of consumers whose needs, in his view, have not yet been fully met, and whose numbers are rising alongside the spread of mobile technology.
Jun Zeng, Chief Executive Officer of PalmPay Pakistan, said, “Owning a smartphone is the first step into the digital economy. With aik, PalmPay Pakistan is making that step affordable and fully Shariah-compliant. This partnership combines BankIslami’s Islamic banking expertise with PalmPay’s experience in device financing, so customers can apply and get a decision faster.” The emphasis on speed suggests that the application process has been shaped to reduce delays for the customer.
The arrangement draws on the expertise of BankIslami in Islamic banking and the experience of PalmPay in device financing, with a shared objective of expanding access to affordable, technology enabled financial solutions. For customers across Pakistan who have been looking for a way to acquire a smartphone without compromising their religious principles, the new offering through the aik application presents a practical option.
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