Raqami and Visa Spark Pakistan’s Islamic Banking Revolution

Raqami Islamic Digital Bank (RIDB) has teamed up with Visa to launch a comprehensive card portfolio, marking a bold step in supporting Pakistan’s first Islamic digital bank. This collaboration enables RIDB to issue debit, credit, and prepaid cards under Visa’s global network, offering seamless Shariah-compliant payment solutions.

Kashif Gaya, CEO of Euronet Pakistan, and Umair Aijaz, CEO of RIDB, emphasized how this partnership enhances the bank’s digital payment infrastructure. RIDB, which received its no-objection certificate from the State Bank of Pakistan in January 2023 and in-principal approval later, is now fully equipped to deliver scalable, agile card services to its customers. Nadeem Hussain, Coach at RIDB, added that this launch underscores the State Bank’s successful efforts in elevating Pakistan’s digital transaction ecosystem, where 80% of retail payments are now digital.

By embedding Visa’s world-class fraud protection and tokenization features, the initiative addresses both convenience and security, aligning with RIDB’s mission of financial inclusion across Pakistan. The move sets a new benchmark for Islamic fintech and positions Raqami as a pioneer in the country’s evolving digital payment landscape, one that combines faith-based banking with modern technology.