Al Baraka Bank Pakistan Limited has introduced a youth-focused digital banking initiative with the launch of the NexGen Co-Brand Debit Card in collaboration with Riphah International University. The launch ceremony was held on February 25, 2026 at the university’s Gulberg Greens Campus in Islamabad, marking the formal rollout of a PayPak-powered debit card tailored specifically for students.
The NexGen Co-Brand Debit Card, issued under the domestic PayPak payment scheme, is designed to provide secure and Shariah-compliant financial services while encouraging greater adoption of digital banking among university students. The initiative reflects a broader effort to integrate structured financial access into academic environments and equip young adults with practical tools for managing money in a digital-first economy.
The co-branded card aligns with multiple objectives. It seeks to encourage early financial literacy and responsible money management habits among students, enabling them to handle everyday transactions with independence and oversight. By offering digital payment functionality, the card supports cashless spending across retail, online and campus-related transactions. At the same time, it promotes awareness of Islamic banking principles, reinforcing Al Baraka Bank’s positioning as a Shariah-compliant financial institution.
Beyond its transactional utility, the NexGen card is also positioned as a strategic milestone in the long-term partnership between Al Baraka Bank and Riphah International University. The collaboration extends beyond product issuance, aiming to create engagement opportunities within the university ecosystem that blend financial services with education and outreach.
The launch ceremony was attended by senior representatives from both institutions. From Al Baraka Bank Pakistan Limited, Mr. Muhammad Umar Pasha, Group Head – Service Quality, Marketing and Corporate Communication, participated in the event alongside Sheikh Raheel Sajjad, Regional Head Corporate Banking North; Mr. Raheel Yousaf, Product Head Card and Alliances, Digital Banking; and Mr. Saad Bin Naseer, Area Manager Islamabad. Riphah International University was represented by Mr. Muhammad Raza Khan, Deputy Vice Chancellor, as well as Mr. Jalal ud Din Akbar, Deputy Director Finance; Mr. Muhammad Zeeshan, Manager Finance; and Dr. Sarwat Jameela, Director Campus.
Through the NexGen Cards initiative, Al Baraka Bank aims to actively engage students across universities and colleges nationwide. The programme is structured to build awareness around Islamic finance concepts while embedding digital payment behavior at an early stage of financial independence. By introducing banking solutions directly within academic institutions, the bank is working to bridge the gap between theoretical financial knowledge and practical application.
The adoption of the PayPak scheme further underscores the domestic payments infrastructure’s role in supporting campus-level digital transformation. As more institutions explore embedded financial solutions for students, partnerships such as this signal a growing convergence between banking services and higher education.
With the NexGen Co-Brand Debit Card, Al Baraka Bank and Riphah International University are positioning student banking as more than a basic account offering. Instead, it is framed as a structured pathway toward financial awareness, digital engagement and long-term inclusion within Pakistan’s evolving Islamic banking landscape.
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