BankIslami’s digital Islamic banking platform ‘aik’ has launched aikPay, marking Pakistan’s first Shariah-compliant Raast-enabled QR payment gateway. Built on the State Bank of Pakistan’s (SBP) Raast instant payment infrastructure, the solution enables real-time online payments through dynamic QR codes.
Key Launch Details
The announcement came on January 23, 2026. It followed collaborative sessions with SBP and Raast representatives, including Muhammad Imaduddin (Director Digital Innovations & Settlement, SBP), Ahson bin Saeed (CEO, Raast Payments Pakistan), Sohail Sikandar (COO, BankIslami), and Ashfaque Ahmed (Chief Officer, aik). The gateway integrates seamlessly with Raast for instant, interoperable transactions.
Core Features for Customers
Instant payments from any Raast-enabled mobile banking app.
Dynamic QR codes for quick scanning.
Card-free checkout with immediate transaction confirmation.
Full Shariah compliance, ensuring riba-free (interest-free) operations aligned with Islamic principles.
Benefits for Merchants
Nationwide reach via Raast interoperability.
Real-time payment confirmation and instant settlement for better cash flow.
Low-cost acceptance through competitive Merchant Discount Rates (MDR).
Secure, smooth checkout suitable for SMEs, online businesses, institutions, and government entities.
Official Statements
Ashfaque Ahmed, Chief Officer of aik, said: “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.”
Strategic Significance
aikPay advances Pakistan’s digital economy goals by promoting inclusive, faith-aligned fintech. It leverages Raast’s instant payment system—Pakistan’s first—for end-to-end digital transactions among individuals, businesses, and government entities.
The launch strengthens BankIslami’s position in Islamic digital banking while enhancing financial inclusion through accessible, secure, and compliant payment options.
This development reflects growing momentum in Pakistan’s fintech sector, with emphasis on interoperability, speed, and adherence to Shariah standards.