Raqami Islamic Digital Bank Limited has received a restricted banking license from the State Bank of Pakistan (SBP) to begin pilot operations under the Licensing and Regulatory Framework for Digital Banks. This milestone positions Raqami to become Pakistan’s first fully Shariah-compliant digital retail bank.
The SBP’s framework aims to promote innovation and financial inclusion through a phased licensing process. Raqami’s approval follows a demonstration of operational readiness, including robust technology, risk controls, Shariah compliance, and regulatory adherence.
“Today marks more than just a regulatory milestone — it signals the beginning of a new era in Pakistan’s financial journey,” said Umair Aijaz, Chief Executive Officer of Raqami Bank. “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,” Aijaz added.
Raqami’s Board Chairman, Abdullah Al-Mutairi, highlighted the broader vision behind the initiative.
“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,” said Al-Mutairi.
“I would like to reaffirm the Board’s commitment to upholding the highest standards of financial integrity and service excellence… I would like to thank the State Bank of Pakistan for its continuous support… and also recognize the Raqami team and everyone who contributed to this achievement.”
Dr. Mufti Muhammad Imran Ashraf Usmani, Chairman of Raqami’s Shariah Board, said, “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… Raqami bank’s entry into Pakistan’s banking landscape will enable customers to participate in a completely riba-free digital financial ecosystem.”
Backed by Pakistan Kuwait Investment Company and Enertech Holding Company (a subsidiary of Kuwait Investment Authority), Raqami aims to lead Pakistan’s shift to ethical, accessible, and innovative digital banking.
