Latest news with #RaqamiIslamicDigitalBank
Express Tribune
12 hours ago
- Business
- Express Tribune
Raqami Islamic Digital Bank
In a major milestone for Pakistan's digital financial ecosystem, Raqami Islamic Digital Bank, the country's first Islamic digital bank, has partnered with Haball, a pioneering fintech focused on B2B supply chain digitisation, to roll out Shariah-compliant, embedded supply chain financing targeted at addressing key pain points of small and medium enterprises (SMEs). By embedding Islamic financing options directly within the corporate's existing supply chain workflows, the platform provides SMEs access to collateral-free liquidity based on their receivables and purchase orders—without the friction of traditional financing applications and pledging of assets. The partnership responds to a critical national need: despite contributing over 40% to GDP and employing the majority of the workforce, over 90% of Pakistan's SMEs remain financially underserved. Through this partnership, Raqami's SME customers will be able to use Haball's platform to operationalise a digitally native finance model that empowers SME businesses with access to working capital, precisely when and where it's needed—within existing business workflows. This initiative supports a cornerstone of the State Bank of Pakistan's financial inclusion roadmap and promotes innovation and digitisation in the sphere of Supply Chain Finance. Key features of the Raqami - Haball partnership entail: End-to-end digital onboarding and Shariah- compliant KYC Murabaha-based financing structures for fresh purchase orders Seamless integration with ERPs, anchor-led ecosystems and distributor networks Instant disbursements through embedded Islamic financing rails, ensuring immediate liquidity and cashflow relief AI-powered credit assessment based on actual cash flows and transaction history, reducing dependency on static credit scording Full audit trails and real-time exposure tracking, ensuring compliance, transparency, and control for both financiers and anchors Umair Aijaz, CEO of Raqami Islamic Digital Bank quoted: Our mission at Raqami is to reimagine Islamic banking through innovation. This partnership with Haball enables us to bring Shariah-compliant embedded finance to the very heart of Pakistan's supply chains—empowering SMEs to enjoy real, tangible access to capital and growth, without compromising their values. Omer Bin Ahsan, Founder and CEO of Haball, added: At Haball, we've always believed that the future of finance lies in embedded, contextual offerings. By partnering with Raqami, we are embedding Islamic finance into the transactional core of the existing SME ecosystem—democratising access to capital and accelerating supply chain transparency. About Raqami Islamic Digital Bank Raqami Islamic Digital Bank Limited is Pakistan's first Islamic digital retail bank, awarded a Restricted License by the State Bank of Pakistan to commence Pilot Operations under the Licensing and Regulatory Framework for Digital Banks. Raqami aims to offer inclusive, Shariah-compliant financial solutions through a digitally innovative, tech-first approach. The bank is backed by Pakistan Kuwait Investment Company (Private) Limited and Enertech Holding Company KSC, a subsidiary of Kuwait's sovereign wealth fund, Kuwait Investment Authority. With a vision to build trust and transparency, Raqami intends to serve the evolving needs of modern retail banking customers. About Haball Haball is a leading Pakistani fintech transforming B2B payments and supply chains through embedded finance. Haball works with banks, corporates, and distributors to digitise transactions and enable access to credit and liquidity for SMEs through secure, real-time infrastructure.
Business Recorder
18 hours ago
- Business
- Business Recorder
Raqami Islamic Digital Bank and Haball forge strategic partnership to launch Shariah- compliant embedded finance for Pakistan's SME sector
KARACHI: In a major milestone for Pakistan's digital financial ecosystem, Raqami Islamic Digital Bank, the country's first Islamic digital bank, has partnered with Haball, a pioneering fintech focused on B2B supply chain digitization, to roll out Shariah-compliant, embedded supply chain financing targeted at addressing key pain points of small and medium enterprises (SMEs). By embedding Islamic financing options directly within the corporate's existing supply chain workflows, the platform provides SMEs access to collateral-free liquidity based on their receivables and purchase orders—without the friction of traditional financing applications and pledging of assets. The partnership responds to a critical national need: despite contributing over 40% to GDP and employing the majority of the workforce, over 90% of Pakistan's SMEs remain financially underserved. Through this partnership, Raqami's SME customers will be able to use Haball's platform to operationalise a digitally native finance model that empowers SME businesses with access to working capital, precisely when and where it's needed—within existing business workflows. This initiative supports a cornerstone of the State Bank of Pakistan's financial inclusion roadmap and promotes innovation and digitisation in the sphere of Supply Chain Finance. Key features of the Raqami-Haball partnership entail: • End-to-end digital onboarding and Shariah-compliant KYC • Murabaha-based financing structures for fresh purchase orders • Seamless integration with ERPs, anchor-led ecosystems and distributor networks • Instant disbursements through embedded Islamic financing rails, ensuring immediate liquidity and cashflow relief • AI-powered credit assessment based on actual cash flows and transaction history, reducing dependency on static credit scoring • Full audit trails and real-time exposure tracking, ensuring compliance, transparency, and control for both financiers and anchors 'Our mission at Raqami is to reimagine Islamic banking through innovation,' said Umair Aijaz, CEO of Raqami Islamic Digital Bank. 'This partnership with Haball enables us to bring Shariah-compliant embedded finance to the very heart of Pakistan's supply chains—empowering SMEs to enjoy real, tangible access to capital and growth, without compromising their values.' Omer Bin Ahsan, Founder & CEO of Haball, added: 'At Haball, we've always believed that the future of finance lies in embedded, contextual offerings. By partnering with Raqami, we are embedding Islamic finance into the transactional core of the existing SME ecosystem—democratizing access to capital and accelerating supply chain transparency.' About Raqami Islamic Digital Bank Raqami Islamic Digital Bank Limited is Pakistan's first Islamic digital retail bank, awarded a Restricted License by the State Bank of Pakistan to commence Pilot Operations under the Licensing and Regulatory Framework for Digital Banks. Raqami aims to offer inclusive, Shariah-compliant financial solutions through a digitally innovative, tech-first approach. The bank is backed by Pakistan Kuwait Investment Company (Private) Limited and Enertech Holding Company KSC, a subsidiary of Kuwait's sovereign wealth fund, Kuwait Investment Authority. With a vision to build trust and transparency, Raqami intends to serve the evolving needs of modern retail banking customers. About Haball Haball is a leading Pakistani fintech transforming B2B payments and supply chains through embedded finance. Haball works with banks, corporates, and distributors to digitize transactions and enable access to credit and liquidity for SMEs through secure, real-time infrastructure.
Yahoo
19-05-2025
- Business
- Yahoo
Raqami Islamic Digital Bank gets restricted licence from State Bank of Pakistan
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. Over 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. "Raqami Islamic Digital Bank gets restricted licence from State Bank of Pakistan" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
