Raqami Islamic Digital Bank, Pakistan’s groundbreaking Islamic digital retail banking institution, has announced a significant strategic partnership with Visa, the global leader in digital payments. This collaboration is set to revolutionize Pakistan’s financial landscape by enabling Raqami to launch its comprehensive card portfolio, offering secure and digitally-first payment solutions specifically designed to cater to the nation’s vast underserved populations. The alliance marks a critical step forward in Raqami’s mission to foster widespread financial inclusion.
The momentous agreement was formally sealed at a signing ceremony held at Raqami’s Head Office in Karachi, underscoring the strategic importance of this collaboration. For Raqami, this partnership with Visa represents a major milestone in its journey as the country’s first Islamic digital retail bank. Visa’s support will be instrumental in developing Raqami’s debit card portfolio, while simultaneously empowering the bank to introduce innovative, mobile-first solutions aimed at driving greater financial accessibility for millions of Pakistanis.
Mr. Umar S. Khan, Country Manager for Pakistan & Afghanistan at Visa, highlighted the immense potential for growth within the Pakistani market. “Despite a population of over 220 million, only 18% of Pakistanis are digitally active in financial services and more than 114 million adults in Pakistan remain unbanked,” Mr. Khan remarked, emphasizing the significant opportunity for digital banking to bridge this gap. He further elaborated on the foundational principle behind Visa’s involvement, stating, “Visa’s partnership with Raqami Islamic Digital Bank is about more than technology – it’s about access. Together with Raqami, we’re enabling women, youth, freelancers, and millions of others to participate in the digital economy with confidence and ease, advancing the State Bank of Pakistan’s vision for a digitally inclusive and future-ready financial ecosystem.” This statement underscores a shared commitment to national economic development and digital empowerment.
Mr. Umair Aijaz, CEO of Raqami Islamic Digital Bank, expressed his enthusiasm for the collaboration, echoing the sentiment of a transformative journey. “Partnering with Visa is a major milestone in our journey to build a fully digital, Shariah-compliant banking ecosystem,” Mr. Aijaz commented. He emphasized the critical role Visa’s global infrastructure will play in achieving Raqami’s objectives. “With Visa’s global infrastructure, we will be able to issue and manage card products that are not only secure and seamless, but also inclusive and purpose-driven. This partnership enhances our ability to serve digitally aware customers and extend financial access to the millions who remain underserved by traditional banking,” he added, highlighting the blend of technological advancement with ethical banking principles.
Raqami Islamic Digital Bank Limited has earned the distinction of being Pakistan’s first Islamic digital retail bank, having been granted a Restricted License by the State Bank of Pakistan to commence Pilot Operations under the rigorous Licensing and Regulatory Framework for Digital Banks. Raqami’s core mission is to deliver inclusive, Shariah-compliant financial solutions through a digitally innovative, tech-first approach. The bank is backed by significant regional investors, including Pakistan Kuwait Investment Company (Private) Limited and Enertech Holding Company KSC, a subsidiary of Kuwait’s sovereign wealth fund, Kuwait Investment Authority. With a clear vision to cultivate trust and transparency within the financial sector, Raqami is meticulously designed to cater to the evolving and dynamic needs of modern retail banking customers, setting a new precedent for digital financial services in Pakistan.
