{
  "id": 4143574,
  "title": "aik by BankIslami Launches Pakistan’s First-Ever Shariah-Compliant Open Banking Platform, “aik Connect”",
  "url": "https://urgent.news/2026/08/29/aik-by-bankislami-launches-pakistans-first-ever-shariah-compliant",
  "topic": "tech",
  "section": "Tech",
  "published": "2026-08-29T07:58:13.000Z",
  "source": {
    "name": "ProPakistani",
    "slug": "propakistani",
    "url": "https://propakistani.pk/2026/08/29/aik-by-bankislami-launches-pakistans-first-ever-shariah-compliant-open-banking-platform-aik-connect/"
  },
  "original_language": "en",
  "account": "BankIslami has introduced Pakistan's inaugural Shariah-compliant Open Banking and Banking-as-a-Service gateway, known as aik Connect. The platform streamlines the process of partnering with banks, eliminating the traditional weeks-long coordination between legal, business, and technical teams. Instead, it employs a smooth, self-serve digital flow where fintechs, merchants, or aggregators simply sign up, input their company information, and complete a digital non-disclosure agreement (NDA). Once approved, they receive secure API access without the need for manual provisioning.\n\nWith aik Connect, partners gain access to a comprehensive suite of Shariah-compliant APIs, covering digital account openings, QR payments, fund transfers, instant Raast transfers, bill payments, and balance and transaction inquiries. This all-in-one solution replaces the need for extensive negotiations and separate integrations that would typically take months to develop.\n\nAshfaque Ahmed, a key executive at BankIslami, emphasized that aik Connect represents a major shift in how partners experience the bank's services, reducing the coordination time from days to mere minutes. Kashif Ali, another senior leader at BankIslami, highlighted that the platform's design prioritizes speed and compliance, ensuring every API and workflow is Shariah-compliant from its inception. This approach enables partners to achieve working integrations faster without having to choose between rapid deployment and maintaining strict regulatory standards.\n\nThe platform is seamlessly integrated with the State Bank of Pakistan's Raast rail, contributing to a more interconnected payments ecosystem across the country. By removing the bottleneck of onboarding, aik Connect enables a broader range of stakeholders, including fintechs, merchants, and even government entities, to utilize formal banking infrastructure rather than relying on unauthorized workarounds. This move not only accelerates the adoption of Open Banking in Pakistan but also provides a unified platform for various industries to build upon, fostering innovation and efficiency in the financial sector.\n\nBankIslami's commitment to security is equally robust. The platform incorporates end-to-end encryption and stringent access management under bank-grade controls. Each partner undergoes thorough verification and approval before gaining live access, and all data transmissions are safeguarded against vulnerabilities through continuous monitoring and adherence to international security standards. This ensures that partners can leverage aik Connect at high speeds without compromising on trust or security.",
  "summary": "aik by BankIslami today launched aik Connect, the country’s first Shariah-compliant Open Banking and Banking-as-a-Service gateway. The platform does away … Read More The post aik by BankIslami Launches Pakistan’s First-Ever Shariah-Compliant Open Banking Platform, “aik Connect” appeared first on ProPakistani .",
  "key_points": [
    "BankIslami launches Pakistan's first Shariah-compliant Open Banking platform, \"aik Connect\".",
    "aik Connect streamlines partner onboarding to minutes, not weeks, via digital flow.",
    "Platform integrates with Raast rail for interconnected payments ecosystem."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}