Pakistan Grants DRB License to Raqami Islamic Digital Bank — A Major Boost for FinTech & Bilateral Ties, In a landmark move for Pakistan’s financial sector, the State Bank of Pakistan (SBP) has officially granted a full Digital Retail Bank (DRB) license to Raqami Islamic Digital Bank Limited, clearing the way for the Kuwait‑backed institution to begin commercial operations nationwide under its Shariah‑compliant digital banking model.
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This development places Raqami Islamic Digital Bank among the few licensed digital banks in Pakistan and positions it as a catalyst for financial innovation, inclusion, and Islamic digital finance across the country.
🏦 License Details & Banking Status
Under an official notification, the SBP has exercised its regulatory powers to declare “Raqami Islamic Digital Bank Limited” as a Scheduled Bank effective February 6, 2026, enabling it to operate as a fully licensed Digital Retail Bank (DRB) and offer services including savings, financing, payments and other digital banking products. (State Bank of Pakistan)
Raqami had previously received in‑principle approval and a pilot license before now securing the full DRB license, marking its transition from trial operations to commercial scaling within Pakistan’s financial landscape.
🤝 Pakistan–Kuwait Economic Collaboration
Prime Minister Shehbaz Sharif hailed the licensing ceremony as a “major milestone” for both Pakistan’s banking sector and economic relations with Kuwait, underscoring that strong political ties must be matched with deeper economic engagement.
Speaking at the event, the PM described the DRB license grant as a step toward strengthening trade, investment and financial cooperation between the two brotherly nations and praised the bank’s potential to foster financial inclusion and innovation through Shariah‑compliant digital services.
Kuwaiti diplomats and bank leadership also expressed optimism, framing the licence approval as a practical demonstration of deep‑rooted bilateral relations, with plans to invest an estimated $100 million in expanding digital banking infrastructure.
📈 Impact on Financial Inclusion & Innovation
Raqami Islamic Digital Bank’s entry is expected to:
- Provide accessible Shariah‑compliant digital financial services for individuals, SMEs, freelancers, and underserved segments.
- Promote financial inclusion by leveraging mobile and online platforms to reach users beyond traditional banking.
- Support Pakistan’s broader financial system modernisation through technology‑driven banking solutions.
As Pakistan’s third fully licensed digital retail bank, Raqami’s operations are seen as an important milestone in the evolution of the country’s banking ecosystem — one that blends financial innovation with Islamic principles and global investment collaboration.
