Raqami Islamic Digital Bank Limited has achieved a significant milestone after being granted a restricted banking license by the State Bank of Pakistan (SBP) under its Licensing and Regulatory Framework for Digital Banks. This license authorizes Raqami to commence pilot operations as Pakistan’s first fully Shariah-compliant digital retail bank, marking a new chapter in the country’s financial landscape.
The SBP’s regulatory framework aims to foster innovation, expand financial inclusion, and ensure secure, responsible digital banking services through a phased licensing approach. Raqami’s approval for pilot operations highlights its readiness to offer seamless, intuitive, and Shariah-aligned banking products and services that cater to the evolving needs of modern customers.
Ahead of securing this approval, Raqami demonstrated operational preparedness, showcasing robust technology infrastructure, comprehensive information security, and strict compliance with Shariah principles and regulatory standards. The restricted license allows Raqami to validate its end-to-end digital systems within a controlled and secure environment before scaling up to full commercial operations.
Abdullah Al-Mutairi, Chairman of Raqami’s Board of Directors, emphasized the bank’s vision to transform Pakistan’s banking sector through digital innovation aligned with Islamic finance principles. “The global fintech and digital banking market is evolving rapidly, driven by changing customer preferences for digital financial services. Raqami is positioned to bring that transformation to Pakistan, promoting financial inclusion while upholding Islamic values,” he stated. Al-Mutairi also acknowledged the State Bank of Pakistan’s continued support in guiding Raqami’s journey toward operationalization.
Raqami’s CEO, Umair Aijaz, described the license approval as more than a regulatory achievement; it represents the beginning of a new era for financial services in Pakistan. “Built entirely from the ground up as a digital-first Islamic retail bank, Raqami is redefining how Pakistanis experience banking. Our approach centers on convenience, transparency, and trust, all grounded firmly in Shariah compliance,” he said. He highlighted Raqami’s mission to deliver simple, ethical, and inclusive financial solutions that remove complexity and barriers, making banking as easy as using a smartphone while respecting customers’ values.
Dr. Mufti Muhammad Imran Ashraf Usmani, Chairman of Raqami’s Shariah Board, affirmed that the bank’s operations strictly adhere to Islamic jurisprudence. “Raqami’s digital platform offers a completely riba-free banking ecosystem, which aligns with the increasing demand for Shariah-compliant financial services among Pakistan’s population,” he noted.
Looking ahead, Raqami plans to invest heavily in a scalable technology platform featuring Open APIs, Banking-as-a-Service (BaaS), and intelligent automation. This platform will enable seamless integration with fintech companies, telecom operators, and other key players to deliver real-time, personalized, and secure Shariah-compliant banking services. Over the next five years, Raqami aims to lead a transformative shift in Pakistan’s banking industry by combining inclusiveness, innovation, Shariah excellence, and user convenience.
Raqami’s strong institutional backing comes from Pakistan Kuwait Investment Company (Private) Limited—a joint venture between the governments of Pakistan and Kuwait—and Enertech Holding Company KSC, a subsidiary of Kuwait’s sovereign wealth fund. This partnership underscores a long-term commitment to Pakistan’s digital economy and the financial inclusion of underserved populations, in alignment with the State Bank’s vision.
In conclusion, Raqami’s pilot launch as Pakistan’s first digital Islamic retail bank signifies a landmark step toward digital financial inclusion and innovation, promising a future where banking is more accessible, transparent, and ethically aligned for millions of Pakistanis.