ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday lauded the granting of a commercial licence to Raqami Islamic Digital Bank (RIDB), calling it a pivotal step in modernising Pakistan’s financial landscape and a key milestone in strengthening bilateral ties with Kuwait.
In his address at the ceremony marking the issuance of RIDB’s commercial licence, backed by the Kuwait Investment Authority, the prime minister highlighted the longstanding political, cultural, and people-to-people ties between Pakistan and Kuwait.
He stressed that these deep connections must be further reinforced through strong economic and financial partnerships to ensure long-term sustainability.
“These connections must be strengthened through sustained economic collaboration,” he said.
“Pakistan and Kuwait have enjoyed enduring relations for decades, and now is the time to translate these bonds into deeper economic cooperation, which will propel both nations toward a more prosperous future.”
With the new licence, RIDB becomes the third licenced digital retail bank in Pakistan, joining a rapidly emerging sector aimed at modernising the country’s financial ecosystem and expanding banking access to underserved populations.
Prime Minister Sharif expressed confidence that RIDB would play a key role in advancing financial inclusion and introducing innovative, Shariah-compliant banking solutions to Pakistan’s diverse population.
“Digital Islamic banking will be transformative in modernising Pakistan’s financial sector, while staying firmly grounded in Islamic principles,” he said, emphasising the need for such services in broadening financial access for underserved communities. Kuwaiti Ambassador to Pakistan, Nassar Abdul Rahman Jasser, congratulated the bank on receiving its licence, describing it as a tangible reflection of the enduring friendship between the two nations.
He highlighted Kuwait’s long-standing support for Pakistan and expressed eagerness to expand cooperation in trade, investment, and financial services.
Abdullah Al-Mutari, Chairman of the Board of Directors at RIDB, thanked the Government of Pakistan and the State Bank of Pakistan (SBP) for their support in making the digital bank a reality.
He presented a commemorative memento to Prime Minister Sharif to mark the occasion.
Umair Aijaz, CEO of RIDB, outlined the bank’s commitment to providing fully Shariah-compliant digital banking services designed to improve financial accessibility and enhance the customer experience.
He noted that RIDB would contribute significantly to Pakistan’s broader financial inclusion strategy, aiming to integrate more people into the formal banking sector.
The event was attended by senior government officials, including the acting governor of the SBP, as well as executives from the banking and financial sectors.
Khurram Schehzad, Adviser to the finance minister, announced last month that RIDB plans to begin operations in February with a USD 100 million investment.
RIDB, which claims to be Pakistan’s first fully Shariah-compliant digital bank, will offer online financing, savings, and payment services to individuals and small-to-medium enterprises, with a particular focus on promoting financial inclusion for underserved communities.
Copyright Business Recorder, 2026
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