KARACHI: BankIslami has introduced aikPay, Pakistan’s first Shariah-compliant Raast-enabled QR payment gateway, providing real-time online payments through dynamic QR codes. Built on the State Bank of Pakistan’s Raast infrastructure, aikPay allows customers to pay instantly from their bank accounts while enabling merchants to receive payments securely through a seamless checkout experience.
The launch follows an engagement session with representatives from the State Bank of Pakistan and Raast, attended by Muhammad Imaduddin, Director of Digital Innovations & Settlement at SBP, and Ahson bin Saeed, CEO of Raast Payments Pakistan. BankIslami’s leadership, including Chief Operations Officer Sohail Sikandar and Chief Officer Ashfaque Ahmed, also participated in the session.
Ashfaque Ahmed highlighted the significance of the initiative, stating, “The world is shifting rapidly with technology, and digital payments have become an everyday habit. At aik, we remain steadfast in our mission to promote Riba-free digital banking and support Pakistan’s national direction towards a digital economy by offering innovative solutions that make everyday transactions smoother, faster, and more seamless.”
With aikPay, customers can shop and pay online using any Raast-enabled mobile banking app, with instant transaction confirmation and a card-free checkout experience. Merchants gain access to nationwide reach through Raast interoperability, real-time payment confirmation, and instant settlement, enhancing liquidity. The platform also offers low-cost payment acceptance with competitive MDR rates, making it a scalable solution for SMEs, online businesses, institutions, and government entities.
By combining Shariah-compliant principles with Raast-enabled technology, aikPay is positioned to accelerate digital financial inclusion in Pakistan, supporting both consumers and merchants in the growing cashless economy.
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