6 days ago
Pakistan's first Islamic digital bank offers 14 percent Independence Day cashback
KARACHI: Pakistan's first Islamic digital bank is offering a 14 percent cashback on eligible debit card and QR code transactions to mark the country's 78th Independence Day, in a campaign aimed at promoting cashless and Shariah-compliant payments.
The 'Azadi Cashback' promotion, launched by aik, will run from Aug. 13 to Aug. 22 and allow customers to earn up to Rs3,000 ($10.75) in cashback during the period, credited to their accounts within one business day. The offer excludes utility bills, cash withdrawals, peer-to-peer transfers and government payments.
'The cashback is structured as a discretionary gift on the momentous occasion of Pakistan's 78th Independence Day,' aik said in a statement.
aik, which operates as a digital-only platform, said the promotion supports its mission to provide Riba-free financial services and encourage secure, cashless transactions. It aims to create a banking experience rooted in transparency, ethics and user empowerment.
aik said the Independence Day campaign was part of efforts to 'accelerate the adoption of secure digital payments across Pakistan,' combining 'convenience with compliance' for users seeking Islamic finance options.
Digital banking is expanding rapidly in Pakistan, driven by high smartphone penetration and government incentives for electronic payments. According to the State Bank of Pakistan, digital retail transactions surged over 50 percent year-on-year in fiscal 2024, with mobile banking emerging as a key growth segment.
