Raqami to Launch Pakistan’s First Shariah-Compliant Digital Bank

Raqami Islamic Digital Bank has received a restricted banking license from the State Bank of Pakistan (SBP) to begin pilot operations as the country’s first fully Shariah-compliant digital retail bank. This milestone marks a major step in Pakistan’s financial innovation journey, aiming to deliver inclusive, intuitive, and ethical banking experiences.

Raqami demonstrated strong operational readiness, including a secure digital infrastructure and adherence to Shariah principles. The pilot phase will test the bank’s systems before full commercial rollout. The initiative aligns with SBP’s digital banking framework focused on financial access and responsible innovation.

Chairman Abdullah Al-Mutairi emphasized Raqami’s commitment to bridging financial gaps, while CEO Umair Aijaz, FCCA, ACA noted the bank’s mission to deliver transparent, user-friendly services built from scratch. The Shariah Board ensures all offerings are interest-free and asset-backed.

Backed by Pakistan Kuwait Investment Company (Private) Limited and EnerTech Holding Company, Raqami aims to drive financial inclusion and digital empowerment nationwide.