Aik, the first Islamic digital bank in Pakistan, has facilitated fully digital payments at Islamabad International Airport, providing travelers and passengers with a secure, Shariah-compliant digital transaction facility.
This advancement aligns with Pakistan’s initiative to implement a cashless model at airports nationwide, where only digital service providers are permitted to offer services to customers.
Shariah based digital transactions
Aik, a subsidiary of Bank Islami, announced that it has onboarded merchants throughout Islamabad airport and has integrated QR code systems at essential touchpoints, enabling passengers and visitors to conduct secure, seamless, and Shariah-compliant digital transactions at all counters, retail outlets, and service points.
The statement indicated that the implementation adheres to the regulations and framework established by the State Bank of Pakistan (SBP) and serves as a functional model for the extensive adoption of cashless systems within public infrastructure.
Aik Chief Officer Ashfaque Ahmed stated, “This deployment demonstrates our dedication to developing practical digital infrastructure that enhances daily transactions.”
“By facilitating a completely cashless environment at a key national gateway, we are promoting efficiency, transparency, and large-scale financial inclusion. This initiative is not merely a project, it lays the groundwork for Pakistan’s cashless future.”, he added further.
It is important to note Pakistan remains a cash-centric market, where a considerable number of transactions, especially in the informal sector, are carried out in cash. Officials say that many of these transactions are conducted to evade taxes.
Earlier in 2022, Pakistan introduced a new government-operated instant digital payment system aimed at enhancing financial inclusion and increasing government revenue in a country where only a small percentage of economic transactions were recorded officially.
While several private-sector digital cash transfer systems, such as Jazzcash, managed by telecommunications firm Jazz, and Easypaisa, operated by Telenor Pakistan, did not necessitate a bank account and were already in use in Pakistan, Raast marked the inaugural effort to connect government entities with financial institutions.
