Karachi: BankIslami’s digital Islamic banking platform, aik, has launched aikPay, Pakistan’s first Shariah-compliant, Raast-enabled QR payment gateway, expanding real-time, card-free online payment options for consumers and merchants nationwide.

Developed on the State Bank of Pakistan’s Raast instant payment infrastructure, aikPay allows customers to make online payments through dynamic QR codes using any Raast-enabled mobile banking app. Merchants receive payments instantly, with real-time confirmation and direct settlement into their accounts, reducing reliance on traditional card-based systems.

The launch followed an engagement session hosted by aik with officials from the State Bank of Pakistan and Raast Payments Pakistan. Participants included Muhammad Imaduddin, Director of Digital Innovations and Settlement at the central bank, and Ahson bin Saeed, Chief Executive Officer of Raast Payments Pakistan, alongside senior executives from BankIslami.

According to BankIslami, the platform is designed to align Islamic banking principles with Pakistan’s national digital payments framework, enabling Shariah-compliant institutions and users to participate fully in the country’s interoperable instant payment system.

For consumers, aikPay offers a simplified checkout experience by enabling direct bank-to-bank payments without debit or credit cards. For merchants, including small and medium-sized enterprises, online businesses, institutions, and government entities, the gateway provides nationwide reach through Raast interoperability, instant settlement to support liquidity, and lower payment acceptance costs through competitive merchant discount rates.

BankIslami said aikPay is intended to support secure, scalable digital transactions while contributing to broader financial digitisation efforts under the central bank’s Raast initiative.