In a transformative move toward inclusive finance and digital innovation, Codebase Technologies has successfully enabled the pilot launch of Raqami Islamic Digital Bank, laying the groundwork for what is set to become Pakistan’s first fully Shariah-compliant digital retail bank.
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The development marks a significant milestone in Pakistan’s financial sector and aligns with the State Bank of Pakistan’s Vision 2028 goal of achieving 75% financial inclusion. With a predominantly Muslim population exceeding 240 million, growing mobile penetration, and a youthful, digital-native demographic, the market is primed for ethical and accessible financial disruption.
Built entirely on Codebase Technologies’ award-winning Digibanc™ platform, Raqami’s pilot rollout offers a fully digital, mobile-first experience designed to reach underserved and unbanked communities. Key features include frictionless onboarding, integrated digital Takaful insurance, and real-time payments via Pakistan’s Raast system.
Umair Aijaz, CEO of Raqami Islamic Digital Bank, commented, “Pakistan is on the brink of a digital revolution. With Codebase Technologies as our partner, this pilot is the first step toward launching a bank purpose-built to include those historically left out of the financial system.”
Raqami’s architecture emphasizes rapid scalability and real-world impact, supporting tiered KYC, peer-to-peer mobile transactions, and embedded financial protection tools. The Digibanc™ platform—cloud-native, microservices-based, and API-driven—ensures regulatory compliance while accelerating time-to-market.
“Building Pakistan’s first Shariah-compliant digital retail bank is more than a project, it’s a mission,” said Raheel Iqbal, Managing Partner at Codebase Technologies. “With Raqami, we’ve created a scalable, secure, and future-ready digital bank designed for meaningful impact.”
The launch positions Codebase Technologies at the forefront of digital Islamic banking and reaffirms its role in championing financial inclusion across South Asia, MENA, and APAC regions. Through innovative platforms like Digibanc™, the company continues to empower banks to meet evolving customer needs in an increasingly digital-first world.
