Raqami Islamic Digital Bank Limited and Fauree have entered into a collaboration to advance digital, embedded and Shariah-aligned financing solutions in Pakistan. The partnership brings together Raqami’s digital banking capabilities and Fauree’s technology ecosystem to develop financing opportunities across several segments, including small and medium-sized enterprises (SMEs), supply chains, distributors, dealers, employees and the agriculture sector. The two organisations aim to connect financing services with real economic activities through technology-driven financial solutions, with a focus on businesses and individuals who require more accessible funding options. The signing ceremony was attended by Umair Aijaz, President and CEO of Raqami Islamic Digital Bank; Syed Abid Raza Rizvi, Head of Products; Rukhsana Narejo, Chief Treasury and Alternate Investments; Suhaib Dar, Chief Business Officer at Fauree; and Ezaaz Waseem, Head of Project and Relationship Management.
Under the collaboration, the organisations intend to explore financing solutions across SME and supply chain finance, distributor and dealer finance, early wage access and digital agriculture finance. These segments address different funding needs within Pakistan’s economy. SMEs often require working capital to manage inventory, pay suppliers and support business operations, while distributors and dealers may need financing to purchase goods and maintain supply arrangements. Supply chain finance can help businesses manage payment cycles between buyers and suppliers, while early wage access solutions can provide eligible employees with access to a portion of earned wages before their regular payday, subject to the product’s terms. The partnership aims to use digital technology to connect these financing requirements with appropriate financial services.
Agriculture is another key area covered by the agreement. Farmers may require funds for seeds, fertilisers, equipment and other seasonal expenses, often within specific agricultural cycles. Digital agriculture finance can potentially make financing processes more accessible by connecting financial services with agricultural businesses and their surrounding value chains. By combining Raqami’s digital banking approach with Fauree’s technology ecosystem, the partnership seeks to develop digital journeys that serve businesses, employees and farmers. However, the announcement did not specify the financing limits, pricing structures, eligibility requirements, launch dates or the number of customers expected to benefit. Details about the specific Shariah-compliant financing products and their approval arrangements have also not been disclosed.
The collaboration reflects the growing role of digital platforms in Pakistan’s financial services sector, particularly in connecting banking with commercial transactions and employment-related needs. Embedded finance integrates financial services into platforms or processes that customers already use, potentially reducing friction when accessing relevant products. For Raqami Islamic Digital Bank, the partnership offers an avenue to extend its digital banking proposition across business and agricultural ecosystems, while Fauree can bring its technology capabilities to financing use cases spanning multiple sectors. The emphasis on Shariah-aligned solutions is particularly relevant to customers seeking financing structured in accordance with Islamic finance principles. The partnership’s eventual impact will depend on the products launched, their affordability, customer adoption and the implementation of appropriate Shariah governance and risk-management arrangements. Further details are expected to clarify how the collaboration will translate into accessible financing for Pakistan’s businesses, workers and farmers.
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