aik by BankIslami and PalmPay Pakistan Partner to Offer Shariah-Compliant Smartphone Financing
aik, Pakistan’s first fully digital Islamic banking platform launched by BankIslami Pakistan Limited, has partnered with PalmPay Pakistan to introduce Shariah-compliant smartphone financing, offering customers a convenient way to purchase smartphones through easy instalments.
The partnership aims to address two key challenges facing Pakistan’s growing smartphone market: device affordability and limited access to Riba-free financing options. Through this collaboration, customers will be able to access smartphone financing through the aik app, combining digital convenience with Islamic banking principles.
As smartphone adoption continues to expand across Pakistan, access to affordable devices is becoming increasingly important for participation in the digital economy. The collaboration between aik and PalmPay Pakistan seeks to make smartphone ownership more accessible while supporting the country’s broader digital transformation and financial inclusion efforts.
Ashfaque Ahmad, Chief Officer, 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.”
Jun Zeng, CEO, 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 partnership brings together BankIslami’s expertise in Islamic banking and PalmPay’s experience in device financing, with a shared objective of expanding access to affordable, technology-enabled financial solutions.
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