In a significant development for Pakistan’s digital finance landscape, Raqami Islamic Digital Bank, the country’s first fully Islamic digital retail bank, has entered into a strategic partnership with Haball, a prominent fintech specializing in B2B supply chain digitization. Together, they are set to introduce Shariah-compliant embedded supply chain financing tailored specifically to support Pakistan’s underserved small and medium enterprise (SME) sector.
This collaboration aims to bridge the financing gap faced by SMEs by embedding Islamic financing solutions directly into existing business workflows. The embedded finance model will provide SMEs with collateral-free liquidity, leveraging receivables and purchase orders as the basis for financing—bypassing the complexities and requirements traditionally associated with bank loans or asset pledging.
Despite accounting for over 40 percent of Pakistan’s GDP and employing a majority of the workforce, more than 90 percent of SMEs remain financially excluded or underserved. The partnership between Raqami and Haball addresses this pressing national challenge by digitizing access to Islamic working capital solutions, making financial inclusion more accessible than ever before.
Raqami’s SME clients will gain access to Haball’s advanced digital platform to seamlessly operationalize Shariah-compliant financing embedded into their supply chain processes. This will empower SMEs to access liquidity exactly when and where it is needed—streamlining their operations and helping them maintain healthy cash flows.
The collaboration also aligns with the State Bank of Pakistan’s roadmap for enhancing financial inclusion through digitization and innovative financial models. The combined expertise of Raqami in Islamic digital banking and Haball in supply chain finance and embedded fintech infrastructure ensures that this initiative stands as a robust and scalable solution for SME financing.
The solution offers several notable features, including fully digital onboarding and Shariah-compliant KYC, Murabaha-based financing models for new purchase orders, seamless ERP integration with corporate anchor networks, and instant disbursements through embedded rails. Additionally, it includes AI-driven credit assessments based on real-time transaction history and cash flows, enhancing risk evaluation beyond traditional credit scoring. The system also ensures full audit trails and real-time monitoring to uphold transparency and compliance standards.
Umair Aijaz, CEO of Raqami Islamic Digital Bank, expressed his vision:
“Our mission at Raqami is to reimagine Islamic banking through innovation. This partnership with Haball enables us to bring Shariah-compliant embedded finance to the very heart of Pakistan’s supply chains—empowering SMEs to enjoy real, tangible access to capital and growth, without compromising their values.”
Echoing this sentiment, Omer Bin Ahsan, Founder and CEO of Haball, stated:
“At Haball, we’ve always believed that the future of finance lies in embedded, contextual offerings. By partnering with Raqami, we are embedding Islamic finance into the transactional core of the existing SME ecosystem—democratizing access to capital and accelerating supply chain transparency.”
Raqami Islamic Digital Bank, backed by Pakistan Kuwait Investment Company and Enertech Holding Company of Kuwait, was awarded a Restricted License by the State Bank of Pakistan to commence pilot operations. It brings a fully digital, Shariah-compliant approach to banking, aiming to serve modern retail and SME customers with trust and innovation.
Haball, on the other hand, is recognized for revolutionizing B2B payments and supply chain digitization in Pakistan. The fintech works with corporates, banks, and distributors to create real-time, secure payment ecosystems that enhance transparency and liquidity for SMEs.
With this partnership, Raqami and Haball are setting a new benchmark for embedded Islamic finance, making it more inclusive, accessible, and aligned with the digital future of business in Pakistan.
