Raqami Islamic Digital Bank has received a restricted banking licence from the State Bank of Pakistan, allowing it to initiate pilot operations as a digital retail bank.
This approval is said to be a significant step in Raqami’s objective to establish itself as Pakistan’s first fully Shariah-compliant digital retail bank.
Following the pilot phase, Raqami plans to transition to full commercial operations.
In preparation for this approval, Raqami showcased its operational capabilities to the State Bank, highlighting its advanced technology, information security measures, effective risk management, and adherence to Shariah principles and regulatory requirements.
Looking ahead, Raqami intends to invest in a scalable technology platform that incorporates open APIs, banking-as-a-service (BaaS) features, and intelligent automation.
This platform will facilitate seamless collaboration with fintech companies, telecom providers, and other stakeholders, enabling the delivery of real-time, personalised, and Shariah-compliant financial services as part of its digital expansion strategy.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataOver the next five years, Raqami aims to drive a transformation in Pakistan’s banking sector by prioritising inclusivity, innovation, and Shariah compliance.
Raqami Bank directors board chairman Abdullah Al-Mutairi said: “The global fintech and digital banking market is estimated to grow exponentially, based on rapidly transforming customer preferences for digital financial services and products.
“Raqami holds a similar promise for the people of Pakistan, reflecting the shareholders’ vision to transform banking in Pakistan through digital innovation, aligned with Islamic principles, for increased financial inclusion.”
Raqami is supported by the Pakistan Kuwait Investment Company (Private) Limited, a partnership between the governments of Pakistan and Kuwait, and Enertech Holding Company KSC, a subsidiary of the Kuwait Investment Authority.
In May 2024, Raqami partnered with 1LINK, a payment service provider in Pakistan, to establish RIDBL as a Shariah-compliant, fully digital entity that emphasises a mobile-first approach instead of traditional branches.
