Raqami Islamic Digital Bank, a pioneering financial institution in Pakistan, has chosen Codebase Technologies, a leading provider of banking solutions, to drive the launch of its Shariah-compliant digital banking services. Under this agreement, the bank will leverage Codebase Technologies’ Digibanc platform as its new technology infrastructure, including core banking systems.
This strategic move comes following Raqami’s receipt of in-principle approval (IPA) from the State Bank of Pakistan (SBP) to offer retail financial services in the country, alongside four other digital banks. The SBP’s decision aligns with the significant growth observed in internet and mobile banking users in Pakistan, with a notable 15.5% and 30.2% increase, respectively, reported in the SBP’s Annual Payment Systems Review for 2023.
With this partnership, Raqami aims to introduce a suite of digital-native financial services tailored to the evolving needs of Pakistani consumers. Umair Aijaz, CEO of Raqami Islamic Digital Bank, expressed confidence in the Digibanc platform’s ability to address legacy technology challenges and deliver efficient, personalized, and seamless Shariah-compliant digital finance solutions to a wider audience.
For Codebase Technologies, this collaboration represents another milestone in its expansion across the Middle East and Asia. Building on previous successful implementations with institutions like Ajman Bank in the UAE, Capital Investments of Capital Bank of Jordan, and Bahrain Commercial Facilities Company, Codebase continues to demonstrate its expertise in driving digital transformation in the banking sector.
