aik by BankIslami Launches Pakistan’s First Shariah-Compliant Raast QR Payment Gateway
aik by BankIslami has taken a major step in advancing Pakistan’s digital payments ecosystem with the launch of aikPay, the country’s first Shariah-compliant Raast-enabled QR Payment Gateway. Built on the State Bank of Pakistan’s Raast infrastructure, aikPay enables real-time online payments through dynamic QR codes, offering a fast, secure, and fully digital checkout experience.
The launch positions aikPay as a milestone in Pakistan’s journey toward a cashless and inclusive digital economy. By allowing customers to make instant payments directly from their bank accounts, the platform removes the need for cards and reduces friction at checkout. At the same time, merchants receive payments securely with immediate confirmation and settlement.
The initiative follows a high-level engagement session organized by aik, bringing together key stakeholders from the State Bank of Pakistan and Raast Payments Pakistan. The session was attended by Muhammad Imaduddin, Director of Digital Innovations and Settlement at SBP, Ahson bin Saeed, CEO of Raast Payments Pakistan, along with senior leadership from BankIslami and aik. The presence of regulators and industry leaders underscored the importance of the development for the national payments infrastructure.
Ashfaque Ahmed, Chief Officer of aik, emphasized that digital payments are no longer optional but a daily necessity. He reiterated aik’s commitment to promoting Riba-free digital banking while supporting Pakistan’s broader transition toward a technology-driven economy. According to him, aikPay reflects aik’s focus on delivering innovative, user-friendly solutions that simplify everyday financial transactions.
From a customer perspective, aikPay offers a seamless and convenient payment experience. Users can shop online and complete payments using any Raast-enabled mobile banking application, with instant transaction confirmation and no reliance on debit or credit cards. This approach enhances accessibility, especially for users who prefer account-to-account payments.
Merchants stand to benefit significantly from the new gateway. aikPay provides nationwide reach through Raast interoperability, enabling businesses to accept payments from customers across Pakistan. Real-time settlement improves liquidity, while competitive MDR rates make it a cost-effective option for small and medium enterprises, online platforms, institutions, and government entities.
By combining Shariah compliance with Raast’s real-time infrastructure, aikPay bridges an important gap in Pakistan’s fintech landscape. It aligns Islamic banking principles with modern digital payment needs, offering a scalable solution that supports financial inclusion, transparency, and efficiency.
The launch of aikPay marks another step toward strengthening Pakistan’s digital payments framework while reinforcing BankIslami and aik’s role in shaping the future of ethical, technology-driven banking.
