DIB PAKISTAN BECOMES FIRST ISLAMIC BANK TO SIGN UP FOR PAYPAK CARDS WITH 1-LINK
Karachi, September 2016: Dubai Islamic Bank Pakistan Limited (DIBPL) and 1-LINK (Guarantee) Limited sign historic agreement for the issuance of PayPak cards in Pakistan. DIBPL is the first Islamic Bank to have signed the agreement for PayPak cards issuance in Pakistan.
DIBPL is a wholly-owned subsidiary of Dubai Islamic Bank UAE, world’s first Islamic Bank. 1LINK is a consortium of major banks that own and operate the largest representative interbank network in Pakistan
In line with State Bank of Pakistan (SBP) Vision 2020 to enhance and promote Financial Inclusion, 1LINK (Guarantee) Limited introduced Pakistan’s First Domestic Payment Scheme “PayPak” which is aimed to provide efficient, cost-effective, and robust payments solutions. DIBPL remains committed to SBP vision to enhance and promote financial inclusion of unbanked population nationwide.
PayPak’s strategic objective includes offering Domestic Payment Scheme to provide low cost payment services to every citizen of Pakistan.
About DIB Pakistan
Dubai Islamic Bank Pakistan Limited (DIBPL) is a wholly-owned subsidiary of Dubai Islamic Bank UAE (DIB), the world’s first Islamic Bank. The parent company DIB is a listed company in Dubai. DIBPL commenced operations in Pakistan as a scheduled Islamic Commercial Bank on March 28, 2006. As a Minimum Capital Requirement (MCR) compliant Bank, the DIBPL enjoys a short-term credit rating of ‘A-1’ and long-term credit rating of ‘A+’ with a “positive” outlook, from JCR-VIS, indicating the bank’s robust position in the industry.
DIBPL has always endeavored to provide innovative financial products and services to our customers through our growing network of over 243 locations (200 Branches and 43 Branchless Booths) across 62 cities in Pakistan. DIBPL continues to reaffirm its commitment of World Class Banking expertise with the largest Shari’a compliant product suite in Retail, Corporate, Consumer, Trade, Commercial, Treasury and Investment Banking services across Pakistan
About 1LINK (Guarantee) Limited
1LINK (Guarantee) Limited is a registered company that started its operation in April 2003 and was incorporated under the company law, by Security and Exchange Commission of Pakistan (SECP).
Since its inception 1LINK has focused on the people of Pakistan, empowering them with the most relevant e-payment modes and services that enable them to do transactions in real time. 1LINK is also recognized as the largest interbank payment network service provider in Pakistan. It is also responsible for the development and operations of the Inter-Member Bank Network. 1LINK provides a national payment network that allows Pakistanis to access their money through Automated Teller Machines (ATM) across Pakistan.
1LINK’s key objective is to provide an efficient, cost effective and strong payment infrastructure. The achievement of greater efficient in the payment system serves not only the interest of the financial industry but also the general public vis-à-vis the cost of doing business, thereby improving the competitiveness of the economy. 1LINK is committed to provide hassle free payment experience for the Pakistani nation.