State Bank of Pakistan grants regulatory approval to Raqami Islamic digital bank
Raqami Islamic Digital Bank (RIDB) has achieved a
significant milestone by obtaining a No Objection Certificate (NOC) and
In-Principal Approval (IPA) from the State Bank of Pakistan (SBP) to establish
an Islamic digital retail bank.
This development aligns with the Licensing and Regulatory
Framework for Digital Banks, demonstrating the bank’s commitment to delivering
Shariah-compliant financial services in Pakistan.
KT
Bank granted SBP approval to launch digital banking services in Pakistan
In a strategic move, RIDB has established a distinguished
Shariah Board, headed by Dr. Mufti Muhammad Imran Ashraf Usmani as Chairman and
Mufti Hassaan Kaleem as Deputy Chairman. The five-member board also includes
Muhammad Ashja Khan, Mufti Azfer Iqbal, and Mufti Muhammad Muaz Ashraf, all
esteemed experts in Shariah teachings and Islamic finance.
Dr. Imran Usmani, a prominent figure in Islamic finance,
serves as the Chairman of the Shariah Board. His extensive experience includes
contributions to local and international financial institutions, making him a
key figure in steering the implementation of Islamic banking and finance in
Pakistan.
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Mufti Hassaan Kaleem, with a wealth of expertise in Shariah
teachings and advisory roles, holds positions on Shariah boards of various
financial institutions globally, including the Islamic Development Bank.
Raqami’s commitment to Islamic finance is further
strengthened by Muhammad Ashja Khan, Mufti Azfer Iqbal, and Muhammad Muaz
Ashraf, each bringing unique qualifications and experience in Islamic
jurisprudence and financial advisory.
Highlighting the significance of Raqami Bank in promoting
Islamic banking and sustainable development, Dr. Imran Usmani expressed
confidence that the Shariah Board would ensure all banking operations and
transactions remain Shariah-compliant.
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Bank grants approval for sale of BankIslami shares to JS Bank
Mufti Hassaan Kaleem emphasized Raqami’s potential to
eliminate Riba from the small-ticket size segment, offering halal alternatives
to a broader, deserving audience.
Nadeem Hussain, Coach at Raqami Islamic Digital Bank,
emphasized the importance of learning from the Shariah Board as the bank moves
forward in its journey to become a fully Shariah-compliant digital bank.
Raqami’s Chairman, Mr. Abdullah Al-Mutairi, acknowledged the
exponential growth of the global Islamic Financial Services Industry (IFSI) and
highlighted Pakistan’s pivotal role within it. He noted the commendable
progress of Raqami Bank in aligning with the industry’s trajectory, emphasizing
the strategic collaboration with distinguished Islamic scholars.
SBP
to grant preliminary approvals to 5 digital banks in September
As Raqami Digital Bank prepares to establish itself as a
digital retail bank, it aims to cater to five key segments: SMEs, the
agriculture sector, freelancers, women, and youth. With regulatory approval
secured and a robust Shariah Board in place, Raqami is poised to contribute
significantly to Pakistan’s growing Islamic banking sector, setting new
standards for digital innovation and customer-centric services.
Source: pkrevenue.com