The State Bank of Pakistan has granted a Digital Retail Banking License to Raqami Islamic Digital Bank (RIDBL). The approval allows the bank to officially begin commercial operations in Pakistan.
With this development, Raqami has become Pakistan’s first fully digital Shariah-compliant retail bank. The license marks a major milestone for digital banking in the country.
The license was formally awarded during a ceremony held at the Prime Minister House. Prime Minister Shehbaz Sharif attended the event as chief guest along with senior government officials and representatives of the State Bank.
Officials said the new license allows Raqami Islamic Digital Bank to provide full-scale digital retail banking services. These services are designed to improve accessibility, transparency, and customer convenience.
The bank aims to serve underbanked and underserved communities across Pakistan. Its digital services are focused on individuals, freelancers, women, youth, farmers, and small businesses.
During the ceremony, the Prime Minister said digital banking plays an important role in promoting financial inclusion. He added that Pakistan is moving toward a more digital and cashless economy.
The State Bank has been encouraging innovation in the financial sector through its Digital Banking Framework. Officials said the approval followed a detailed regulatory evaluation process.
According to the State Bank, the licensing process focused on financial stability, consumer trust, and regulatory compliance. Authorities said digital innovation must continue while maintaining a secure banking environment.
Chairman of Raqami Islamic Digital Bank, Abdullah Al-Mutairi, thanked the government and the State Bank for their support. He also presented a commemorative shield to the Prime Minister during the ceremony.
Raqami CEO Umair Aijaz said the bank will offer fully digital Shariah-compliant services with a strong focus on customer experience. He added that the platform is designed to improve efficiency and accessibility.
The digital banking system was developed in partnership with Codebase Technologies. The company provided the DigibancTM platform used by the bank.
Officials said the platform supports digital onboarding, biometric verification, real-time payments, and transactional takaful services. The system is also designed for future expansion and integration.
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The State Bank described the launch as an important step for Pakistan’s banking sector. Authorities believe digital banks can help increase financial access and modernize banking services nationwide.
