Halal savings just got a dedicated home inside Pakistan’s most widely used digital wallet app. EFU Hemayah Takaful and easypaisa Digital Bank have launched a new Shariah-compliant Takaful Savings Plan, available exclusively through the easypaisa app combining halal returns of up to 8% per annum with built-in Takaful protection in a single, fully digital product.
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Key Takeaways
- What launched: A Shariah-compliant Takaful Savings Plan, available exclusively via the easypaisa app
- Partners: EFU Hemayah Takaful (EFU Life) and easypaisa Digital Bank
- Returns: Up to 8% per annum, structured as halal returns
- Protection: Built-in Takaful coverage bundled with the savings component
- Launch incentive: Customers who start saving through the app stand a chance to win a free Umrah trip
- Eligibility (per EFU Hemayah Takaful’s standard terms): Individuals aged 18–65
- Minimum contribution (per EFU Hemayah Takaful’s standard terms): PKR 30,000 annually
- Builds on: An existing easypaisa–EFU Life partnership already offering life insurance, health protection, personal accident coverage, and cancer protection through easypaisa’s in-app Insurance Marketplace
What the Takaful Savings Plan Actually Offers
The new plan lets easypaisa users start a Shariah-compliant savings journey entirely inside the app they already use for digital payments no separate insurance platform, paperwork, or branch visit required. It combines two things in one product: a savings component designed to generate halal returns of up to 8% per annum, and a Takaful protection layer that provides financial security alongside the growth of the customer’s savings.
As a launch incentive, customers who begin saving through the plan also get a chance to win a free Umrah trip a culturally resonant reward tied directly to the product’s Islamic finance positioning.
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How This Fits Into EFU’s Broader Hemayah Takaful Product Line
This savings plan draws on EFU Life’s existing Hemayah Takaful framework a family Takaful product structured around two components: Protection and Investment. Under EFU’s standard Hemayah Takaful terms, contributions are used to purchase units in a Shariah-compliant fund selected according to the customer’s risk appetite, with eligibility open to individuals aged 18 to 65 and a standard minimum annual contribution of PKR 30,000. The underlying Shariah compliance of EFU’s Hemayah Takaful products has been reviewed and approved by a dedicated Shariah Advisor from Jamiah Darul Uloom Karachi.
By distributing this product through easypaisa’s app, EFU is extending an already-established, Shariah board-reviewed Takaful framework into a fully digital, mass-market distribution channel rather than launching an entirely new, unvetted product.
Building on an Existing Partnership
This isn’t the first collaboration between easypaisa and EFU Life. The two companies already operate an Insurance Marketplace within the easypaisa app, offering products including life insurance, health protection, personal accident coverage, and a dedicated cancer protection plan all with digital onboarding and instant policy issuance. The new Takaful Savings Plan extends that existing relationship into long-term, Shariah-compliant savings specifically, rounding out easypaisa’s in-app financial protection and wealth-building offerings.
What the Leadership Said
Jahanzeb Khan, President & CEO of easypaisa Digital Bank, said the introduction of Islamic Takaful insurance strengthens the platform’s wealth management offering and reflects its commitment to meeting customers’ evolving financial needs, while supporting easypaisa’s strategic focus on Pakistan’s growing Islamic digital banking segment.
Mohammed Ali Ahmed, Managing Director & CEO of EFU Life, expressed enthusiasm about the partnership, framing it as part of EFU’s continued effort to make Shariah-compliant financial protection more accessible through digital channels.
Why This Matters
- It merges savings and protection into a single digital product, rather than requiring customers to separately manage a savings account and a Takaful policy through different platforms.
- It leverages easypaisa’s existing scale. As one of Pakistan’s largest digital wallet and digital banking platforms, easypaisa gives EFU’s Hemayah Takaful products access to a mass-market customer base already comfortable with in-app financial transactions.
- It reflects a broader industry trend of embedding Takaful into digital finance apps. This follows a similar pattern seen elsewhere in Pakistan’s Islamic finance sector this year, including BankIslami’s microtakaful partnership with EFU Life and EFU General showing multiple digital platforms racing to make Shariah-compliant protection a native, in-app feature rather than a separate product journey.
- It supports Pakistan’s broader financial inclusion push. Bundling an 8% halal return with built-in protection, distributed entirely through a widely used app, lowers both the cost and complexity barriers that have traditionally limited Takaful savings adoption among everyday consumers.
Benefits of the easypaisa Takaful Savings Plan
- Halal returns up to 8% per annum, giving customers a Shariah-compliant alternative to conventional interest-based savings products
- Built-in Takaful protection, combining savings growth with financial security in one plan
- Fully digital access, letting customers start saving directly from the easypaisa app without paperwork or branch visits
- Backed by an established, Shariah-reviewed product framework, given its basis in EFU’s existing Hemayah Takaful line
- Launch incentive engagement, with a free Umrah trip opportunity encouraging early adoption
Frequently Asked Questions
What is the easypaisa Takaful Savings Plan?
A Shariah-compliant savings solution, launched by EFU Hemayah Takaful and easypaisa Digital Bank, offering halal returns of up to 8% per annum along with built-in Takaful protection, available exclusively through the easypaisa app.
How much return can I earn?
Up to 8% per annum in halal returns, according to easypaisa and EFU Life.
Is this plan Shariah-compliant?
Yes. It is based on EFU’s Hemayah Takaful framework, which has been reviewed and approved by a designated Shariah Advisor.
Who is eligible for this plan?
Under EFU Hemayah Takaful’s standard terms, individuals aged 18 to 65 are eligible.
What is the minimum contribution?
Under EFU Hemayah Takaful’s standard terms, the minimum annual contribution is PKR 30,000.
Is there a launch incentive for new customers?
Yes, customers who start saving through the plan get a chance to win a free Umrah trip.
Does easypaisa offer other EFU Life products?
Yes. Through an existing partnership, easypaisa’s Insurance Marketplace already offers EFU Life products including life insurance, health protection, personal accident coverage, and cancer protection.
