ISLAMABAD: Prime Minister of Pakistan Mian Muhammad Shahbaz Sharif during a ceremony held in Islamabad for awarding License to Raqmi Islamic Digital Bank, highlighted that issuance of a digital banking license to Raqami Islamic Digital Bank marks a significant milestone in Pakistan’s financial landscape. The PM expressed that this initiative, supported by the Kuwaiti government, aims to bolster the economic partnership between the two brotherly nations. As a Sharia-compliant institution, the bank is expected to modernize the banking services through advanced technological features of digital banking. This venture is a collaborative effort involving the Pakistan Kuwait Investment Company and Kuwait’s sovereign wealth fund. Ultimately, the project seeks to expand financial inclusion while honoring traditional Islamic principles. These developments reflect a strategic move toward a more digitized economy fueled by international cooperation.
Earlier State Bank of Pakistan in May 2025, granted a restricted banking license to Raqami Islamic Digital Bank for launching pilot operations as Digital Retail Bank.
About the Author
