Digital Islamic Bank Accounts in Pakistan (2026): Raqami vs Mashreq Neo vs Aik

Pakistan now has three different ways to hold a fully digital Islamic bank account. Raqami Islamic Digital Bank is a stand-alone Islamic digital retail bank licensed by the State Bank. Mashreq NEO Islamic is the Shariah-compliant range of Mashreq Pakistan, a digital retail bank owned by the UAE's Mashreq. Aik is the digital account of BankIslami, a full Islamic bank with branches. On savings, Mashreq's indicative 10% to 11.5% and Raqami's up to 10.5% to 11.5% sit well above the 6.78% BankIslami declared for Aik Bachat in August 2026. On fees, Aik's Rs 1,200 debit card undercuts the Rs 2,500 the other two charge. On what you cannot do, each has a gap, and that gap decides the choice more than the headline rate.

Three licences and what each one permits

The State Bank's digital bank framework created a new licence category, the digital retail bank, alongside the existing scheduled bank licence. Raqami's own site states it has been awarded a full-fledged banking licence to commence commercial operations as an Islamic Digital Retail Bank and describes itself as Pakistan's first fully Shariah-compliant digital bank. Mashreq Pakistan's site states that the bank has been granted a licence by the State Bank to begin operations as a digital retail bank and that it launched pilot operations on 2 January 2025 as the first bank to do so. Mashreq is a conventional institution offering both NEO Savings and NEO Islamic accounts, so its Islamic products are a window within a conventional digital bank; our explainer on Islamic bank versus Islamic window covers why that distinction matters to some savers.

BankIslami holds an ordinary scheduled bank licence as an Islamic bank, so Aik customers are customers of a bank with cash counters, cheque clearing, lockers, car and home financing and a nationwide ATM network. Aik, run from a separate aikdigital.io site and app, is the digital front door to that bank rather than a bank in its own right, which is why it can do things the two digital-only banks have had to build partner arrangements for.

Onboarding tiers and transaction limits

All three open accounts through the app with a valid CNIC, the mobile number registered against it, a selfie and NADRA biometric verification, and all three are for resident Pakistani adults. Raqami's FAQ says overseas Pakistanis, minors and companies cannot open accounts under current rules; Mashreq requires 18 years of age and a valid CNIC; BankIslami runs a separate Roshan Digital route for non-residents. Our guide to opening an Islamic bank account in Pakistan covers the SBP rules behind the tiers.

Raqami publishes the clearest tier structure. An Asaan Digital Account opens instantly on successful verification and carries a Rs 3 million balance limit. A Full Digital Account has no balance limit but activates only after you submit proof of income and profession and back-office approval clears. BankIslami's digital onboarding page sets a monthly debit limit of Rs 1,000,000 on Islami Asaan Digital accounts, and Aik's own site lists Current, Bachat and Merchant account types without publishing tier limits; ask in the app before you move a large balance. Mashreq's NEO page advertises a daily transfer limit of up to Rs 10 million, the highest headline limit of the three, though full KYC applies to reach it.

• Raqami: Asaan Digital Account, instant, Rs 3 million balance cap; Full Digital Account, no cap, after income and profession documents.
• Mashreq NEO Islamic: digital onboarding with CNIC; daily transfer limit of up to Rs 10 million advertised on the NEO page.
• Aik: Current, Bachat and Merchant accounts; BankIslami's Asaan Digital accounts carry a Rs 1,000,000 monthly debit limit, with higher tiers on full KYC.

Savings profit rates and the contract behind them

Here the three diverge in both the number and in how the number is expressed, and the difference in expression matters. Mashreq's September 2026 key facts statement for the NEO Islamic Savings Account gives an indicative rate of 10% up to Rs 1.5 million and 11.5% at Rs 1.5 million and above, calculated on daily closing balance and paid within the first five working days of the following month. Its example shows Rs 8,493 gross monthly profit on Rs 1,000,000 and Rs 19,534 on Rs 2,000,000. The Islamic Current Profit Account pays an indicative 2%. Every page carries the note that the rate is indicative and the actual rate will be based on Mudaraba principles.

Raqami's June 2026 key facts statement says up to 10.5% below Rs 1 million and up to 11.5% above, paid monthly, with a worked example of Rs 863.01 before tax on Rs 100,000 at 10.5% in a thirty-day month. Its historical rate sheet shows savings paying 10.00% in the first half of 2026, stepping to 10.50% from July for balances up to Rs 1 million and 11.50% above it, and one-year Mudarabah certificates at 11.50% in September 2026, up from 7.80% in December 2025. BankIslami publishes declared rates after the month ends: for August 2026 the Aik Bachat Account for individuals earned 6.7787%, the same as Islami Bachat and Asaan Saving for individuals, with a 50:50 profit sharing ratio in the general pool and a note that profit to individuals is distributed in compliance with BPRD Circular Letter No. 15 of 6 July 2026. Our explainer on how Mudarabah savings accounts work covers why an indicative rate and a declared rate are not the same promise.

Debit card, transfer and ATM fees from each schedule of charges

All three waive account maintenance, SMS alerts and mobile banking fees, and all three make Raast transfers free. The differences are in cards and in inter-bank transfers over the 1Link network. Raqami's schedule of charges addendum for July to December 2026, effective 1 October 2026, raised the PayPak debit card issuance, annual and replacement fee to Rs 2,500 from the Rs 1,500 shown in its January to June 2026 schedule, and introduced Visa Classic at Rs 2,500 and Visa Platinum at Rs 6,000. Mashreq's July to December 2026 schedule charges Rs 2,500 for Mastercard or PayPak issuance, annual and replacement. Aik's July to December 2026 schedule charges Rs 1,200 for PayPak or Mastercard issuance, Rs 1,200 for re-issuance and Rs 1,200 annual renewal.

Mashreq is the only one of the three to make every ATM withdrawal free, though the Rs 35 is charged at the time and reversed within a week. Raqami adds complimentary EFU Hemayah takaful cover (life, hospital cash and fraud) on active PayPak cards, with fraud protection up to Rs 30,000 per card, and sets daily card limits of Rs 200,000 for ATM withdrawals and Rs 500,000 for purchases. Aik charges a transactional takaful contribution of Rs 1 to Rs 2 on transfers and payments in return for a 90% benefit up to Rs 100,000 per transaction; check whether that contribution is optional before you assume it is free.

Deposit protection: are all three covered?

The Deposit Protection Corporation, a State Bank subsidiary established under the 2016 Act and operating since 1 June 2018, protects eligible depositors up to Rs 1,000,000 per depositor per bank. DPC Circular Letter No. 03 of 2024, dated 1 October 2024 and published on Mashreq's site, raised the guarantee from Rs 500,000 to Rs 1,000,000. BankIslami's DPC page adds that the Corporation compensates within 30 days of a bank failure, that it runs separate Shariah-compliant and conventional pools, that member banks do not recover the premium from depositors, and that all types of branchless banking accounts are covered. Membership is mandatory for all banks under section 37(2) of the State Bank of Pakistan Act.

That means all three accounts are protected to Rs 1,000,000 as banks licensed by the State Bank. Mashreq and BankIslami publish DPC material on their sites; we could not find a DPC page on Raqami's site on 9 September 2026, so ask Raqami to confirm its membership in writing if that matters to you, which it should for a balance near the limit. The Rs 1,000,000 cap is per bank, so a saver with Rs 3 million would need three institutions to be fully covered, which is one honest argument for holding more than one of these accounts.

What each one cannot do

Raqami has no cheque book (its KFS lists cheque book issuance as not applicable), no cash counters of its own, no financing products yet, and no business accounts (the Business menu on its site led to a coming-soon page). It does offer Mudarabah certificates from 7 days to 1 year, saving pots and QR payments. Mashreq NEO Islamic has no cheque book or branches, relies on Askari Bank counters for cash deposits, and its Islamic range is limited to current, current-profit and savings accounts; financing sits on the conventional side. Aik lacks nothing the parent bank offers, but its own site is thin: it does not publish tier limits or a key facts statement, and the account rates have to be read off BankIslami's monthly declared rate PDF. Our Raqami versus traditional Islamic banks comparison goes deeper on the digital-only trade-off.

Who should choose what

If you want the highest published savings rate on a balance above Rs 1.5 million and you are comfortable that the bank is a conventional digital bank with an Islamic window, Mashreq NEO Islamic Savings is the number to beat at an indicative 11.5%, with free ATMs and free IBFT. If you want a stand-alone Islamic bank with no conventional business at all, a Shariah board chaired by Dr Mufti Muhammad Imran Ashraf Usmani, and rates within a half point of Mashreq, open Raqami, and accept the Rs 2,500 card and the Rs 3 million Asaan cap until you upgrade. If you need a cheque book, cash counters, a bank that can also finance your car or home, or you simply want the cheapest debit card, open Aik and treat its 6.78% declared rate as the price of a full-service bank; move surplus cash to a money market fund or to one of the other two. For most readers the answer is two accounts: Aik or another full bank for payments and cheques, and Raqami or Mashreq NEO Islamic for the savings balance, kept under the Rs 1,000,000 DPC cap in each. Use the compare tool to set these three against the branch banks, read the bank accounts hub for current declared rates, and the halal banking guide for the contracts behind them. Facts checked against raqamidigital.com, mashreq.com, bankislami.com.pk, aikdigital.io on 9 September 2026.

Frequently asked questions

Which digital Islamic bank account pays the highest profit in Pakistan?

On published figures to October 2026, Mashreq NEO Islamic Savings quotes an indicative 11.5% on balances of Rs 1.5 million and above and 10% below that. Raqami's key facts statement says up to 11.5% above Rs 1 million and up to 10.5% below, and its one-year Mudarabah certificate paid 11.50% in September 2026. BankIslami's Aik Bachat earned a declared 6.7787% in August 2026. Indicative and declared rates are different promises; only the declared one is a rate actually paid.

Is Raqami a real bank and is my money protected?

Yes. Raqami Islamic Digital Bank Limited states it holds a full banking licence from the State Bank of Pakistan as an Islamic digital retail bank, and its accounts are standard Qard current accounts and Mudarabah savings accounts. All State Bank licensed banks are mandatory members of the Deposit Protection Corporation, which guarantees up to Rs 1,000,000 per depositor per bank. We did not find a DPC page on Raqami's site, so ask the bank to confirm in writing.

What are the Aik debit card charges?

Aik's schedule of charges for 1 July to 31 December 2026 lists Rs 1,200 for PayPak debit card issuance, Rs 1,200 for Mastercard issuance, Rs 1,200 for re-issuance and Rs 1,200 annual renewal. Withdrawals at BankIslami ATMs are free and Rs 35 at other banks' 1Link ATMs, international withdrawals cost 4% of the amount, receipt printing is Rs 6, and local POS and e-commerce are free. That is less than half the Rs 2,500 Raqami and Mashreq charge for a card.

Can I deposit cash into Raqami or Mashreq NEO?

Yes, through Askari Bank. Raqami's site says you can deposit cash free at more than 700 Askari Bank branches and at cash deposit machines, subject to your account limits, and withdraw up to Rs 100,000 per transaction free at more than 800 Askari ATMs. Mashreq's schedule of charges lists over-the-counter deposit via Askari Bank as free. Neither bank has counters of its own. Aik customers can deposit at any BankIslami branch, intercity or intracity, at no charge.

What is the difference between an Asaan Digital Account and a full account?

An Asaan Digital Account is the State Bank's simplified tier: it opens instantly on CNIC and biometric verification with no income documents, in exchange for limits. At Raqami the limit is a Rs 3 million balance; BankIslami's Asaan Digital accounts carry a Rs 1,000,000 monthly debit limit. A full account requires proof of income and profession, such as a salary slip or business registration, and back-office approval, after which balance limits are removed. Upgrading is free at Raqami.

Is Mashreq NEO Islamic a proper Islamic bank account?

The accounts are Shariah compliant, operating on Mudaraba with profit calculated on daily closing balance and paid monthly, and Mashreq Pakistan publishes a separate Islamic schedule of charges and rate sheet. The bank itself is a conventional digital retail bank that also offers conventional NEO Savings, so the Islamic range is a window rather than the whole institution. Savers who want a bank with no conventional business at all should look at Raqami or BankIslami instead.