If you’ve been looking to get your hands on a product on installments without too much of a hassle, you might be in luck. Installment4U (I4U) is a new venture that provides a Riba free online installment plan for a range of different consumer products. Before you get too excited though, we should mention that it is currently available only for people in Karachi.
I4U offers a wide array of products like smartphones (Galaxy Note, iPhones etc), LED TVs (EcoStar, Sony, Samsung), bikes (United Motorcycles) and air conditioning units (Gree, Orient) on installments. All plans are 12 months long and involve an advance payment and monthly installments. Early repayment facility is also available.
When we got in touch with the company, they assured us that the entire plan is completely legal within the Islamic framework. It has been verified by Mufti Irshad Ahmed Aijaz, the Sharia Head of BankIslami so you can rest assured no interest in involved. They also have their Shari’ah certification on their website if you are skeptical.
If you want to avail the service, you should know that the installments plan is strictly for salaried individuals within large corporations or multinational companies. Here are the detailed requirements:
- Minimum salary 50,000 PKR per month
- Salary slips for last 3 months
- Bank statement for last 6 months
- 2 references from within your organization
There are further requirements like a recent photograph, advanced payments for the product through post dated cheques and so on.
The whole process is completely online so if you meet the requirements, you can go ahead and apply and the product will be delivered to your doorstep for free after approval by the I4U team. Keep in mind you can only get one product on installments at a time.
For the moment, I4U has no plans to expand to other cities. However, expansion to major cities like Lahore and Islamabad is in their plans. Overall, we think I4U can provide an interesting alternative to people who are reluctant to spend a chunk of money on something big. You can visit the site at i4u.com.pk.