State Bank of Pakistan awards
Raqami Islamic Digital Bank Limited has been awarded a restricted banking license by State Bank of Pakistan under the Licensing and Regulatory Framework for Digital Banks to commence pilot operations as a Digital Retail Bank.
The approval marks a defining moment in Raqami's journey to become Pakistan's first fully Shariah-compliant, Digital Retail Bank offering a seamless, intuitive, and inclusive banking experience powered by personalised products and services designed to meet customers' evolving financial needs.
The Licensing and Regulatory Framework for Digital Banks of the State Bank of Pakistan has been brought in to encourage innovation, improve financial access for customers, and foster secure and responsible digital banking practices through a phased licensing process, with full Commercial Operations to follow the pilot phase.
In the run up to securing the approval for pilot, Raqami demonstrated to the State Bank of Pakistan its operational readiness, with its robust technology and information security infrastructure, effective risk management and controls, and compliance with Shariah principles and regulatory standards.
The issuance of the restricted pilot license has set in motion a key phase aimed at validating Raqami's end-to-end systems within a secure and controlled environment.
Mr Abdullah Al-Mutairi, Chairman of the Board of Directors of Raqami Bank stated:
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.
I would like to reaffirm the Board's commitment to upholding the highest standards of financial integrity and service excellence as we move forward, while delivering secure and meaningful digital experiences that bridge financial gaps and contribute to Pakistan's national development. I would like to thank the State Bank of Pakistan for its continuous support and guidance through the process of operationalizing Raqami, and in placing trust in our vision, compliance, and operational capabilities.
Under the leadership of the Board of Directors and CEO, I would also like to recognise the Raqami team and everyone who contributed to this achievement.
Mr Umair Aijaz, Chief Executive Officer of Raqami Bank, remarked:
Today marks more than just a regulatory milestone — it signals the beginning of a new era in Pakistan's financial journey. With the State Bank of Pakistan's approval to commence Pilot operations, Raqami proudly takes an important step forward to becoming the country's first fully Shariah-compliant Digital Retail Bank, built entirely from the ground up.
Raqami has leveraged its greenfield status to build a strong framework for a Digital-first Islamic Retail Bank — one that is actively reimagining how Pakistanis experience financial services, placing convenience, transparency, and trust at the heart of every interaction.
We're not just preparing for the future — we're architecting it, guided by Shariah principles and driven by innovation. Our mission is to deliver easy to use, inclusive, and ethical financial solutions that replace complexity with clarity and remove barriers to access – by offering tailored products and services designed around customer needs.
We believe banking should be as seamless as using your phone, as principled as your values, and as accessible as your aspirations. Raqami is more than just a bank — it is a movement towards financial dignity and digital empowerment for every Pakistani.
Dr Mufti Muhammad Imran Ashraf Usmani, Chairman of Shariah Board Raqami Bank asserted:
As a Digital Islamic Retail Bank, Raqami is guided by the ethos and values of Islam, ensuring that all offerings are interest-free, fair, ethical, asset- backed, and strictly adhere to Shariah tenets.
Since the start of its operationalisation phase, the Shariah Board has been fully engaged with Raqami to ensure all products and services are compliant with Islamic jurisprudence. Raqami bank's entry into Pakistan's banking landscape will enable customers to participate in a completely riba-free digital financial ecosystem, in line with the growing demands of Pakistan's population.
Going forward, Raqami will deepen its investment in a scalable and interoperable technology platform powered by Open APIs, Banking-as-a-Service (BaaS) capabilities, and intelligent automation. The platform will enable seamless integration with fintechs, telecom operators, and other ecosystem players to deliver real-time, personalised, and secure Shariah compliant financial services as part of its digital growth roadmap.
Our aim over the next five years is to catalyse a transformation of Pakistan's banking industry, by leading with inclusiveness, innovation, excellence in Shariah compliance and convenience. Raqami is backed by Pakistan Kuwait Investment Company (Private) Limited, a joint venture between the Governments of Pakistan and Kuwait; and Enertech Holding Company KSC, a subsidiary of the sovereign wealth fund of Kuwait, the Kuwait Investment Authority.
This strategic shareholding reflects Raqami's strong institutional foundation, underpinning a strong, long-term commitment to supporting Pakistan's digital economy and the unserved and underserved segments of Pakistan, aligned with the vision of the State Bank of Pakistan.
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