Raqami given restricted license to launch pilot operations
Raqami Islamic Digital Bank Limited
has been granted a restricted banking license by the State Bank of Pakistan
under its Licensing and Regulatory Framework for Digital Banks, marking the
beginning of its pilot phase as a fully digital retail bank. This milestone
signifies a major step in Raqami's ambition to become Pakistan's first entirely
Shariah-compliant digital retail bank, offering a seamless, intuitive, and
inclusive banking experience with personalized products and services that cater
to the evolving financial needs of customers.
The State Bank of Pakistan's
Licensing and Regulatory Framework for Digital Banks aims to promote
innovation, enhance financial accessibility, and ensure secure and responsible
digital banking practices. This phased licensing process will lead to the
eventual launch of full commercial operations after the pilot phase.
Read More Raqami
Islamic digital bank secures regulatory approval
In securing the approval for its
pilot phase, Raqami demonstrated its readiness by showcasing its robust
technological infrastructure, commitment to information security, comprehensive
risk management, and adherence to both Shariah principles and regulatory
standards. The issuance of the restricted pilot license sets the stage for
validating Raqami's end-to-end systems in a controlled and secure environment.
Chairman's Statement: A Vision for
Transformative Digital Banking in Pakistan
Mr. Abdullah Al-Mutairi, Chairman of
Raqami's Board of Directors, emphasized the growing global market for fintech
and digital banking, driven by the rapid shift in customer preferences toward
digital financial services. He remarked, "Raqami holds a similar promise
for the people of Pakistan, reflecting our vision to transform the country’s
banking landscape through digital innovation, aligned with Islamic principles,
for greater financial inclusion."
He continued, "Our commitment
to maintaining the highest standards of financial integrity and service
excellence is unwavering as we strive to deliver secure, impactful digital
experiences that bridge financial gaps and contribute to Pakistan's national
development. We are deeply grateful to the State Bank of Pakistan for its
ongoing support and trust in our vision, compliance, and operational
capabilities. I would also like to acknowledge the tireless efforts of the
Raqami team and all those who played a role in achieving this milestone."
CEO's Perspective: A New Era in
Digital Banking
Mr. Umair Aijaz, CEO of Raqami,
stated, "Today is not just a regulatory achievement—it's the dawn of a new
era in Pakistan’s financial sector. With the State Bank's approval for our
pilot operations, Raqami takes a significant step toward becoming Pakistan’s
first fully Shariah-compliant digital retail bank. Leveraging our greenfield
status, we have built a strong framework for a Digital-first Islamic Retail
Bank, focused on reimagining how Pakistanis engage with financial services. Our
approach places convenience, transparency, and trust at the center of every
interaction, as we architect the future of banking in Pakistan."
Aijaz also shared the bank's mission:
"Our goal is to provide easy-to-use, inclusive, and ethical financial
solutions that simplify banking and remove barriers to access. We believe
banking should be as seamless as using a smartphone, as principled as your
values, and as accessible as your dreams. Raqami is more than just a bank—it's
a movement toward financial dignity and digital empowerment for all
Pakistanis."
Shariah Compliance: A Pillar of
Raqami’s Operations
Dr. Mufti Muhammad Imran Ashraf
Usmani, Chairman of Raqami's Shariah Board, emphasized the bank's commitment to
Islamic values. "Raqami is committed to offering products and services
that are interest-free, fair, ethical, asset-backed, and fully compliant with
Shariah principles. Since the start of the operationalization phase, the
Shariah Board has been actively involved to ensure all offerings meet Islamic
jurisprudence standards. With Raqami's entry into Pakistan’s banking sector,
customers will have access to a completely riba-free digital financial
ecosystem, addressing the growing demand for Shariah-compliant solutions."
Future Roadmap: Digital Innovation
and Financial Inclusion
Looking ahead, Raqami plans to
invest further in a scalable, interoperable technology platform powered by Open
APIs, Banking-as-a-Service (BaaS) capabilities, and intelligent automation.
This platform will facilitate seamless integration with fintechs, telecom
operators, and other ecosystem partners to deliver real-time, personalized, and
secure Shariah-compliant financial services. Over the next five years, Raqami
aims to lead a transformation of Pakistan’s banking industry through
innovation, Shariah compliance, and unparalleled convenience.
Read More SBP
to grant preliminary approvals to 5 digital banks in September
Strategic Backing for Long-Term
Impact
Raqami is supported by the Pakistan
Kuwait Investment Company (Private) Limited, a joint venture between the
Governments of Pakistan and Kuwait, and Enertech Holding Company KSC, a
subsidiary of the Kuwait Investment Authority. This strategic backing reflects
Raqami's solid institutional foundation and underscores its long-term commitment
to fostering Pakistan's digital economy and serving its unbanked and
underserved populations, in alignment with the vision of the State Bank of
Pakistan.
Source: Pro Pakistani