PM Shehbaz felicitates Raqami Bank on becoming Pakistan’s third licensed digital retail bank

Prime Minister Muhammad Shehbaz Sharif on Tuesday congratulated Raqami Islamic Digital Bank (RIDB) on becoming Pakistan’s third licensed digital retail bank, expressing confidence that the institution would contribute to financial inclusion, innovation, and Shariah-compliant banking in the country.

Raqami Islamic Digital Bank, which identifies itself as Pakistan’s first shariah compliant digital bank, plans to invest $100 million over the next five years as it prepares to start commercial operations in February, becoming the country’s first fully Shariah-compliant digital retail bank, Bloomberg reported in January.

The Karachi-based lender, backed by the Kuwait Investment Authority, has completed its pilot phase and aims to attract at least one million customers within three years, focusing on small- and medium-sized enterprises, freelancers, and underserved segments.

Addressing the concluding session of the licensing ceremony, the premier termed the granting of a commercial licence to Raqami Islamic Digital Bank a major milestone in Pakistan’s evolving financial sector and a significant step toward deepening Pakistan-Kuwait bilateral economic cooperation, APP reported.

“The digital Islamic banking would play a key role in modernising Pakistan’s financial ecosystem while remaining aligned with Islamic principles,” he said.

READ MORE: PM Shehbaz inaugurates Mashreq Digital Bank, calls it ‘milestone’ for Pakistan’s economy

The prime minister said that strong political relations must be complemented by robust economic engagement, stressing that sustainable partnerships cannot flourish without trade, investment, and financial collaboration.

“Pakistan and Kuwait are brotherly countries bound by decades of strong cultural, political, and people-to-people relations,” Prime Minister Shehbaz said, adding, “It is now time to further strengthen our economic and investment ties so that this relationship grows from strength to strength.”

Speaking on the occasion, the Kuwaiti ambassador congratulated the Raqami team and described the licensing of the digital bank as a practical manifestation of the deep-rooted brotherly relations between Pakistan and Kuwait. He said Kuwait’s leadership had consistently supported Pakistan and was keen to further expand cooperation in trade, investment, and financial services.

Chairman of the Board of Directors of Raqami Islamic Digital Bank, Abdullah Al-Mutari, thanked the government of Pakistan and the State Bank of Pakistan for their support and presented a commemorative memento to PM Shehbaz to mark the occasion.

Raqami Islamic Digital Bank CEO Omer Ajaz said the bank would offer fully Shariah-compliant digital banking services designed to enhance accessibility, efficiency, and customer experience, while supporting Pakistan’s broader financial inclusion agenda.

The ceremony was attended by Ambassador of Kuwait to Pakistan Nassar Abdul Rahman Jasser, the acting governor of State Bank of Pakistan, senior government officials, and executives from the banking and financial sector.