Raqami Islamic Digital Bank has inked an exclusive deal with Codebase Technologies to adopt its DigiBanc Suite as the core technology stack for the bank. This cloud-enabled, API-driven digital banking platform will empower Raqami to deliver inclusive financial services through its features such as Core Banking, Mobile App, Internet Banking, API Gateway, and Middleware. The partnership aims to revolutionize Pakistan’s banking industry by leveraging cutting-edge technologies to provide innovative, secure, and seamless banking experiences for customers.
In January 2023, Raqami Islamic Digital Bank received a no objection certificate from the State Bank of Pakistan (SBP) to establish an Islamic digital retail bank in the country. Subsequently, in September 2023, SBP granted In-Principal Approval (IPA) to Raqami and four other aspirants for the digital bank license, marking a significant step toward the bank’s operational readiness for pilot testing and eventual commercial launch.
Codebase Technologies, headquartered in Bahrain, brings its expertise as an open API banking solution fintech with a proven track record, having launched various digital, challenger, and neo banks across different regions. The strategic partnership between Codebase Technologies and Raqami aims to transform the financial landscape, ensuring Raqami is equipped with cutting-edge technology for sustained success.
Umair Aijaz, CEO of RIDB, emphasized the critical role of financial institutions in supporting Pakistan’s people during challenging economic times. The collaboration with Codebase positions Raqami to overcome legacy technology challenges, utilizing data to provide customer insights and offer efficient, tailored, and seamless Shariah-compliant digital finance solutions.
Nadeem Hussain, Coach RIDB, highlighted the enhanced customer experience enabled by a robust core banking system, expressing confidence that Codebase Technologies’ selection by Raqami will set a new standard in Pakistan’s banking industry, providing more personalized and efficient services.
Raqami Islamic Digital Bank, as one of five aspirants for the digital retail bank license, aligns with the State Bank of Pakistan’s Licensing and Regulatory Framework for Digital Banks. The partnership with Codebase Technologies marks a significant step toward achieving operational readiness and meeting the criteria for the digital bank license.
