Yango Pakistan, Mobilink Bank Offer Shariah Driver Financing

In Short

Yango Pakistan is partnering with Mobilink Bank to offer Shariah-compliant (Islamic finance) vehicle and handset financing for eligible drivers and couriers in Pakistan.

What Happened

Ride-hailing firm Yango said the new partnership gives eligible partner drivers and couriers access to Shariah-compliant financing for cars, motorcycles, e-bikes, rickshaws, and handsets.

A key product is Car Diminishing Musharakah financing, up to Rs5 million, about $18,000. Diminishing Musharakah is a joint-ownership model where the driver gradually buys out the bank’s share over time.

Mobilink Bank will also offer Murabaha financing for other assets like motorcycles and handsets. Murabaha is a cost-plus sale, the bank buys the item and resells it to the customer at an agreed markup, paid in instalments. Some rickshaw, motorcycle, and handset financing will be offered under corporate guarantee arrangements, meaning the company provides a guarantee to reduce the bank’s risk.

The package includes embedded Takaful protection for the financing tenure. Takaful is Islamic insurance where members pool contributions for mutual protection. Coverage includes income protection, hospitalization, maternity benefits for eligible women borrowers, and accidental death or permanent disability cover. Vehicle Takaful and additional asset protection options will also be available.

Beyond credit and insurance, eligible drivers will get access to Mobilink Bank’s digital banking and payments ecosystem. This includes digital account onboarding, Business Plus Account benefits, Raast QR payments, and a dedicated driver QR for fare collection.

Why It Matters

For many ride-hailing workers, a vehicle and a smartphone are the tools that unlock income. Bundling financing with insurance and digital payments can reduce downtime and make earnings easier to manage.

This also shows a wider trend in the gig economy, banks are increasingly partnering directly with platforms to reach informal workers with tailored credit, protection, and cashless payment rails.