BankIslami Launches Pakistan’s First Shariah-Compliant Raast QR Payment Gateway
ISLAMABAD: aik by BankIslami has launched aikPay, Pakistan’s first Shariah-compliant Raast-enabled QR payment gateway, marking a major step in the country’s move toward a digital economy.
Built on the State Bank of Pakistan’s Raast infrastructure, aikPay allows real-time online payments through dynamic QR codes. Customers can pay instantly from their bank accounts, while merchants receive payments securely with a seamless checkout experience.
The launch followed an engagement session with representatives from the State Bank of Pakistan and Raast, including Muhammad Imaduddin, Director of Digital Innovations & Settlement at SBP, and Ahson bin Saeed, CEO of Raast Payments Pakistan. BankIslami’s team, including COO Sohail Sikandar and Chief Officer Ashfaque Ahmed, also participated.
Ashfaque Ahmed highlighted the initiative’s alignment with Pakistan’s digital economy goals, stating, “Digital payments have become an everyday habit. At aik, we remain committed to promoting Riba-free digital banking and providing innovative solutions that make transactions smoother, faster, and more seamless.”
With aikPay, users can make online purchases via any Raast-enabled mobile banking app with instant transaction confirmation and a card-free checkout. Merchants gain nationwide reach, real-time payment confirmation, instant settlement for improved liquidity, and low-cost payment acceptance through competitive MDR rates. The platform is designed to support SMEs, online businesses, institutions, and government entities, offering a scalable and efficient digital payment solution.
