Codebase Technologies has announced the successful pilot launch of Raqami Islamic Digital Bank, which is poised to become Pakistan’s first fully Shariah-compliant digital retail bank. This development represents a significant advancement in the country’s financial sector, reflecting a strong alignment with the State Bank of Pakistan’s 2028 vision to increase financial inclusion to 75 percent.
With over 240 million people, a majority of whom are Muslim and increasingly digital-savvy, Pakistan presents a prime opportunity for financial innovation. Despite this, Islamic banking currently accounts for only 19 percent of total banking assets. Simultaneously, mobile penetration in the country surpasses 75 percent, and nearly two-thirds of the population is under the age of 30. These factors create a fertile landscape for digital-first, Shariah-compliant financial solutions.
The pilot launch of Raqami has been made possible through Codebase Technologies’ award-winning Digibanc platform. This cloud-native, API-driven digital banking infrastructure is built for speed, scalability, and compliance. Digibanc’s modular design allows for the quick rollout of advanced features such as tiered KYC onboarding, embedded takaful insurance, mobile P2P payments, and full integration with Pakistan’s real-time payment system, Raast.
Raqami’s initial pilot offering delivers an ethical and inclusive banking experience tailored to meet the needs of underserved and unbanked populations in Pakistan. By eliminating common financial barriers and providing a seamless digital journey, Raqami is aiming to transform how millions of Pakistanis engage with financial services. From onboarding to daily transactions, users can expect a mobile-first platform that prioritizes ease, trust, and compliance with Islamic finance principles.
Umair Aijaz, CEO of Raqami Islamic Digital Bank, emphasized the importance of this development, stating that the launch marks the beginning of a new era in digital banking. With the support of Codebase Technologies, Raqami is taking its first step under a restricted pilot banking license, targeting the long-excluded segments of the population. He added that Raqami’s mission is not only to offer a digital alternative but to build a truly inclusive, ethical financial system.
Raheel Iqbal, Managing Partner at Codebase Technologies, described the initiative as a mission-driven effort. According to Iqbal, Raqami is a result of strategic vision and technological excellence, combining the robustness of the Digibanc platform with a focus on real-world impact. The launch serves as a model for future digital banks looking to operate in accordance with Shariah law while embracing modern banking innovation.
The pilot rollout of Raqami Islamic Digital Bank is not just a product launch but a landmark in Pakistan’s broader digital transformation journey. With Codebase Technologies at the helm, this initiative is poised to influence the evolution of ethical digital finance not only in Pakistan but across similar emerging markets.
