KARACHI: An Islamic commercial bank in Pakistan announced on Wednesday it had launched the country’s first digital Islamic banking solution designed to deliver seamless Shariah-compliant financial services nationwide.
BankIslami Pakistan Limited was incorporated in Pakistan in 2004 and commenced operations in April 2006 as the first Islamic bank in the country to receive a license from the State Bank of Pakistan (SBP) under the 2003 Islamic Banking Policy.
It announced the launch of “Aik” in a statement, saying it would help lead the way in the digital transformation of Islamic finance in Pakistan.
“Aik translates to ‘one’ — a symbol of simplicity, unity and our shared vision for an ethical, Riba-free financial future,” Ashfaque Ahmad, the project lead, was quoted as saying in the statement.
“This platform fulfills a critical need in Pakistan’s banking landscape for a fully digital solution that aligns with Islamic principles without compromising convenience and accessibility,” he added.
The statement said the platform integrates essential banking features, including digital account opening with biometric authentication, instant money transfers, secure bill payments, mobile top-ups and an internationally accessible debit card, with other functionalities such as a Qibla direction tool.
Available for download on Google Play and the Apple App Store, Aik allows users to register using their CNIC and instantly access a secure, fully digital Islamic banking experience.
As one of Pakistan’s leading Islamic financial institutions, BankIslami currently operates over 540 branches and offers a comprehensive suite of Shariah-compliant products.
With the launch of Aik, the bank said it was spearheading the digital transformation of Islamic finance for a tech-savvy clientele in the country.
BankIslami unveils ‘Aik,’ Pakistan’s first fully digital Islamic banking solution
https://arab.news/8cgku
BankIslami unveils ‘Aik,’ Pakistan’s first fully digital Islamic banking solution
- ‘Aik’ is designed to seamlessly integrate essential banking features, offers Qibla direction tool
- The bank says it is spearheading digital transformation of Islamic finance for tech-savvy clientele
Pakistan to promote mineral sector at Saudi forum this month with 13 companies
- Delegation will take part in the Future Minerals Forum in Riyadh from Jan. 13-15
- Petroleum minister will lead Pakistan, participate in a 90-minute country session
ISLAMABAD: Around 13 Pakistani state-owned and private companies will attend the Future Minerals Forum (FMF) in Saudi Arabia from Jan. 13 to 15, an official statement said on Friday, as the country seeks to ramp up global engagement to develop its mineral resources.
The FMF is an international conference and investment platform for the mining sector, hosted by mineral-rich countries to attract global investors, companies and governments.
Petroleum Minister Ali Pervaiz Malik confirmed Pakistan’s participation in a meeting with the Saudi envoy, Nawaf bin Said Al-Malki.
Pakistan hosts one of the world’s largest copper-gold zones. The Reko Diq mine in southwestern Balochistan, with an estimated 5.9 billion tons of ore, is partly owned by Barrick Gold, which calls it one of the world’s largest underdeveloped copper-gold deposits. Its development is expected to boost Pakistan’s struggling economy.
“Upon an invitation of the Government of the Kingdom of Saudi Arabia, the Federal Minister informed the Ambassador that Pakistan will fully participate in the upcoming Future Minerals Forum (FMF), scheduled to be held in Riyadh later this month,” Pakistan’s Press Information Department (PID) said in an official statement.
The Pakistani minister will lead his country’s delegation at the FMF and take part in a 90-minute country showcase session titled “Unleashing Potential: Accelerating Pakistan’s Mineral Revolution” along with local and foreign investors.
Pakistan will also establish a dedicated pavilion to highlight the vast potential of its rich geological landscape to the global mineral community.
The Saudi envoy welcomed Pakistan’s decision to participate in the forum and discussed enhancing bilateral cooperation in the minerals and energy sectors during the meeting.
According to the statement, he highlighted the potential for cooperation between Saudi Arabia and Pakistan in the minerals and energy sectors, expressing confidence that the FMF would provide a platform to expand collaboration.
Pakistan’s mineral sector, despite its rich reserves of salt, copper, gold and coal, contributes only 3.2 percent to the country’s GDP and just 0.1 percent to global mineral exports.
However, many countries, including the United States, have shown interest in Pakistan’s underdeveloped mineral sector, particularly in copper, gold and other critical resources.
In October, Pakistan dispatched its first-ever shipment of rare earth and critical minerals to the United States, according to a Chicago-based US public relations firm’s report.
