Eik by BankIslami has launched Eik Tejarat, a Shariah-compliant digital platform designed to help traders and small businesses manage banking and payments without visiting a branch.
Pakistan’s traders and small business owners can now open a Shariah-compliant business account without visiting a bank branch following the launch of Eik Tejarat, a new digital business app introduced by Eik by BankIslami.
The platform has been designed specifically for merchants, shopkeepers and service providers, offering them a digital channel to manage business income, payments and expenses from a single platform.
According to the information provided about the launch, merchants can complete the account-opening process digitally using their identity card and biometric verification. Existing users of BankIslami or the Eik consumer app can also move to the business platform through a simplified registration process rather than completing a full registration again.
Once the account is activated, merchants can receive payments through Raast using static and dynamic QR codes. The app also allows them to pay suppliers, utility bills and other business expenses directly from their business balance. Digital transaction receipts can also be shared through the platform.
Speaking about the initiative, Eik Digital Chief Officer Ashfaq Ahmed said Pakistani traders are a key part of the economy but have not received sufficient attention in digital banking. He said Eik Tejarat was designed not merely for transactions but as a platform centered around the day-to-day needs of businesses.
Ahmed said the initiative also supports the government’s vision of a cashless Pakistan and the State Bank of Pakistan’s cashless agenda, arguing that a genuinely cashless economy requires the merchant counter to become digital.
Eik Chief Business Officer Ghufran Abbasi said Eik Tejarat was not intended to be “just another payment app.” He said the platform was developed to help merchants address everyday business challenges and serve as a digital backbone for their operations.
Pakistan’s informal retail economy includes millions of shopkeepers, traders and service providers who operate outside the formal banking system. Previous digital payment initiatives have sought to bring this segment into the documented economy, but concerns about conventional and interest-based banking have remained a barrier for some business owners.
The Shariah-compliant structure of Eik Tejarat could help address that concern while encouraging greater use of digital payments. Wider adoption could also create more transparent digital records of sales and supplier transactions.
About The Author
