Visa, the global leader in digital payments, has announced a strategic partnership with Raqami Islamic Digital Bank, Pakistan’s first Islamic digital retail bank, to introduce a comprehensive card portfolio tailored to the needs of underserved communities. This collaboration represents a major milestone in Pakistan’s evolving financial technology landscape, particularly in expanding access to secure, Shariah-compliant digital banking services.
Raqami Islamic Digital Bank, which aims to revolutionize financial access through a mobile-first, ethical banking experience, will leverage Visa’s global infrastructure to launch a suite of payment products that prioritize security, accessibility, and ease of use. This new partnership is expected to enhance the availability of Islamic digital banking tools in Pakistan, a country with a significant unbanked population and a growing appetite for fintech innovation rooted in religious compliance.
The Visa-Raqami collaboration aligns with national goals of increasing financial inclusion, especially for underserved and remote populations that have traditionally lacked access to formal financial services. The card offerings will be fully integrated with Raqami’s digital banking platform, allowing users to make seamless and secure transactions through a mobile application that is fully compliant with Islamic banking principles.
Visa’s support ensures that Raqami’s card portfolio will benefit from cutting-edge digital-first technologies, including contactless payment capabilities, tokenized transactions for enhanced security, and integration with global and local payment ecosystems. By offering Shariah-compliant solutions underpinned by global payment standards, this partnership is set to empower consumers who have previously been excluded from conventional banking systems.
Speaking on the development, Visa emphasized the importance of enabling financial access through inclusive and culturally relevant innovation. The company expressed pride in partnering with Raqami to create a purpose-driven, mobile-first experience that caters to the unique needs of Pakistan’s consumers. The partnership also supports the broader digitization goals of the Pakistani government and the State Bank of Pakistan’s efforts to modernize the financial system with inclusive fintech solutions.
Raqami Islamic Digital Bank, as Pakistan’s pioneering Islamic digital bank, is committed to delivering a seamless, customer-centric experience rooted in transparency and ethical finance. The bank aims to reach millions of Pakistanis who are either unbanked or underbanked, especially in rural and semi-urban areas, by offering them access to basic banking services, digital payments, and savings tools—all aligned with Islamic finance principles.
The introduction of the Visa card portfolio will provide customers with a full suite of payment options that can be used for everyday purchases, utility bill payments, online shopping, and ATM withdrawals. The cards will be accessible through a digital onboarding process, ensuring convenience and efficiency for customers without requiring them to visit a physical branch.
As digital banking continues to gain momentum across the region, the partnership between Visa and Raqami Islamic Digital Bank is expected to set a benchmark for Shariah-compliant financial technology in Pakistan. It reinforces the shared vision of both organizations to drive meaningful financial inclusion and empower communities through technology-enabled, values-driven banking solutions.
