In a significant regulatory milestone, Raqami Islamic Digital Bank has been formally upgraded to a Scheduled Commercial Bank by the State Bank of Pakistan (SBP).
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This official designation allows Raqami Bank to operate as a full-service bank, significantly expanding the scope and scale of its Shariah-compliant digital financial services across the country.
What This Means for Raqami Bank and Customers:
- Expanded Service Portfolio: As a scheduled bank, Raqami can now offer a complete suite of banking products, including current accounts, savings products, and financing facilities, all within its digital ecosystem.
- Regulatory Recognition: The status is a mark of regulatory confidence in the bank’s operations, governance, and compliance frameworks, following the successful completion of its pilot phase.
- Growth in Digital Banking: This move is a direct boost for Pakistan’s digital banking sector, promoting greater competition, innovation, and financial inclusion through technology.
Strategic Impact:
Achieving scheduled status is a critical step in Raqami Bank’s strategy. It transitions the bank from a pilot-phase digital entity to a fully-fledged competitor in the national banking landscape. The upgrade enables Raqami to accelerate its mission of providing accessible, Shariah-compliant digital banking, particularly targeting small and medium enterprises (SMEs) and tech-savvy customers.
The SBP’s approval underscores the regulator’s support for the growth of licensed digital banks as a key pillar of Pakistan’s modern financial system.
