Karachi – Aug 22, 2017 : BankIslami Pakistan signed an agreement with 1LINK (Guarantee) Limited to issue PayPak Debit Cards(PayPak is Pakistan’s first domestic payment scheme) With the issuance of PayPak cards, BankIslami aims promote domestic payment scheme through its nationwide branch network of over 320 branches in 105 cities.
This agreement is a step forward in promoting financial digitalization in Pakistan in line with State Bank of Pakistan’s National Financial Inclusion Strategy 2020.
The agreement was signed by Mr. Hasan A. Bilgrami -CEO BankIslami Pakistan and Mr. Najeeb Agrawalla – CEO 1LINK. Mr. Hasan A.Bilgrami speaking on the occasion said, “Setting the tone for innovation in Pakistan’s Banking industry becoming the first Bank to launch Biometric ATMs in 2006; we are pleased to be among the first batch of PayPak initiative of 1LINK in promoting domestic payment scheme. We are committed to further innovate new product offerings for our valued customers”.
Mr. Najeeb Agrawalla, CEO of 1LINK commented, “1LINK welcomes BankIslami’s initiative of issuing PayPak Debit Cards and this partnership is surely going to enhance digital transactions in the country”.
1LINK (Guarantee) Limited, owned by a consortium of 11 banks, is the country’s 1st PSO/PSP and largest switch and payment system, providing a host of valuable online banking services like ATM switching, Bills Payment, Inter Bank Funds Transfer, Fraud Risk Management, Switch Dispute Resolution, Global Payment Schemes, PayPak – Domestic Payment Scheme, etc. 1LINK is continuously evolving and adding new products and services to benefit the financial industry.
BankIslami Pakistan Limited was the first Bank to receive the Islamic Banking license under the State Bank of Pakistan’s Islamic Banking policy of 2003. The Bank envisioned to focus primarily on Wealth Management as the core area of business in addition to Shariah compliant Retail Banking products, Proprietary and Third-party products, and Integrated financial planning services. BankIslami is currently operating with over 320 branches in 105 cities.