Pakistan’s Raqami Launches First Fully Digital Islamic Retail Bank with Codebase

Pakistan is on the cusp of a significant financial transformation with the pilot launch of Raqami Islamic Digital Bank, the nation’s first fully Shariah-compliant digital retail bank. This landmark initiative, powered by Codebase Technologies’ cutting-edge Digibanc™ platform, is a direct response to the State Bank of Pakistan’s ambitious 2028 vision of achieving 75% financial inclusion, addressing critical gaps in a rapidly evolving digital landscape.

Related: Why Pakistan Doesn’t Have Islamic Digital Banks Yet?

Addressing Pakistan’s Financial Inclusion Challenge

With a population exceeding 240 million, predominantly Muslim and increasingly digitally savvy, Pakistan’s banking sector is ripe for disruption. Despite over 75% mobile penetration and a youth bulge with nearly two-thirds of the population under 30, Islamic banking currently constitutes just 19% of total banking assets. This stark contrast highlights a pressing need for accessible, agile, and ethically compliant financial solutions that cater to the vast segments of the unbanked and underserved population. Raqami Islamic Digital Bank aims to bridge this very gap.

Raqami: A Mobile-First, Shariah-Compliant Solution

The pilot phase of Raqami Islamic Digital Bank, built entirely on Codebase Technologies’ Digibanc™ platform, is set to revolutionize financial access. It delivers a seamless, mobile-first, Shariah-compliant banking experience designed specifically for those previously excluded from traditional financial systems.

“With Codebase Technologies as our partner, we have taken the first step with our restricted Pilot banking licence towards launching a fully Shariah-compliant digital retail bank which will serve the unserved and underserved segments, long excluded from the traditional financial system,” stated Umair Aijaz, CEO of Raqami Islamic Digital Bank.

From its very inception, Raqami has been meticulously engineered to dismantle structural barriers to financial access. The Digibanc™ platform’s modular architecture facilitates the rapid deployment of essential features, including:

• Tiered KYC (Know Your Customer) onboarding: Streamlining the account opening process for diverse customer segments.
• Digital Takaful coverage: Integrating Shariah-compliant insurance solutions for added security and peace of mind.
• Peer-to-peer payments via mobile: Enabling convenient and instant money transfers.
• Connectivity with Raast: Leveraging Pakistan’s robust real-time payments infrastructure for efficient transactions.

The Power Behind the Innovation: Codebase Technologies’ Digibanc™

At the heart of Raqami’s groundbreaking pilot lies Digibanc™, Codebase Technologies’ proprietary digital banking platform. This powerful platform is:

• Cloud-native: Ensuring scalability, flexibility, and cost-efficiency.
• Microservices-based: Allowing for independent development, deployment, and scaling of individual features.
• API-driven: Facilitating seamless integration with other services and fostering an open banking ecosystem.

These architectural choices enable rapid innovation, ensure stringent regulatory compliance, and provide embedded finance capabilities crucial for a modern digital bank. Digibanc™ is already a proven solution, empowering financial institutions across the MENA, South Asia, and APAC regions to scale their digital banking services effectively in diverse regulatory and market environments.

“Building Pakistan’s first Shariah-compliant digital retail bank is more than a project, it’s a mission,” remarked Raheel Iqbal, Managing Partner at Codebase Technologies. “With Raqami, we have created a scalable, secure, and future-ready digital bank designed for meaningful impact.”

This collaboration between Raqami Islamic Digital Bank and Codebase Technologies represents a significant leap forward for Pakistan’s financial sector, promising to bring modern, accessible, and Shariah-compliant banking services to millions and play a pivotal role in achieving the nation’s financial inclusion goals.