In a major step toward digitising commerce while upholding Islamic finance values, aik by BankIslami has launched a Shariah-compliant QR payments service targeting local merchants at Karachi’s Creek Walk Food Street. The initiative is part of the government’s “Go Cashless Economy” drive and seeks to enable both merchants and customers to transact without the need for cash, while remaining aligned with Shariah-based banking.
“This drive is about digitising everyday commerce, right where local entrepreneurs serve their customers,” said Ashfaque Ahmed, Chief Officer of aik. “With this QR payment feature, merchants can accept secure digital payments in seconds, while customers enjoy a Shariah-compliant and cashless experience that aligns with Pakistan’s national vision.”
The activation campaign will run from November 7 to 16, 2025, offering local merchants the tools and support to adopt the new payment infrastructure. As part of the service’s launch, aik is offering a 50% cashback for aik and BankIslami customers, and 30% cashback for customers of other banks under specific terms and conditions.
The service aims to drive financial inclusion by extending digital banking and payments to small merchants who have traditionally been underserved by formal banking. By combining Shariah-compliance, digital convenience and targeted merchant support, aik positions itself at the intersection of faith-based finance and modern payments.
The platform also reinforces BankIslami’s broader strategy of embedding ethical fintech solutions within its offerings and supporting micro-merchants in urban centres. With the pilot set in Karachi’s vibrant food-retail community, the bank expects to roll out the service to other cities following successful adoption, thereby supporting broader national goals of reducing cash dependency, improving transaction transparency and enhancing merchant incomes.
