In a groundbreaking development for Pakistan’s financial landscape, Raqami Islamic Digital Bank has initiated the pilot phase of what is set to become the country’s first fully digital and Shariah-compliant retail bank. Powered by Codebase Technologies’ cutting-edge Digibanc platform, this launch signifies a major leap forward in digital banking innovation and financial inclusion across the region.
With a population exceeding 240 million—predominantly Muslim and increasingly tech-savvy—Pakistan is poised for a revolution in how banking services are delivered. Despite this, Islamic banking still accounts for only around 19 percent of the country’s total banking assets, highlighting a significant opportunity for growth. Mobile penetration surpasses 75 percent, and with nearly two-thirds of the population under 30, the demand for accessible, ethical, and mobile-first banking solutions is rapidly increasing.
Raqami’s pilot rollout exemplifies this opportunity by offering an end-to-end digital banking experience that is tailored to the needs of underserved and unserved segments traditionally excluded from conventional financial services. Built entirely on the Digibanc platform, Raqami provides features such as frictionless onboarding, embedded Takaful insurance, and seamless integration with Pakistan’s real-time payment infrastructure, Raast, ensuring fast and secure transactions.
Umair Aijaz, CEO of Raqami Islamic Digital Bank, expressed pride in pioneering this transformative step, stating that the partnership with Codebase Technologies has enabled them to move forward with a restricted pilot banking license. He emphasized the bank’s mission to provide accessible and fully Shariah-compliant digital banking to those who have long faced financial barriers.
The underlying Digibanc platform developed by Codebase Technologies plays a crucial role in this initiative. As an award-winning, cloud-native, microservices-based, and API-driven solution, Digibanc allows for rapid deployment, customization, and compliance with regulatory requirements. Its modular architecture supports essential features like tiered KYC onboarding, digital Takaful coverage, and peer-to-peer mobile payments, making it ideal for innovative banking models like Raqami.
Raheel Iqbal, Managing Partner at Codebase Technologies, highlighted the project’s significance, describing it as a mission rather than just a technical implementation. He underscored the scalability and security of the digital bank and the platform’s ability to deliver a future-ready banking experience with meaningful social impact.
This launch not only places Codebase Technologies at the forefront of enabling digital Islamic banking but also marks a critical advancement toward achieving the State Bank of Pakistan’s ambitious 2028 goal of 75 percent financial inclusion. By targeting the digitally native and underserved population segments, Raqami and Codebase are setting a new benchmark for financial innovation in Pakistan and the broader South Asian market.
As digital transformation accelerates globally, the successful pilot of Pakistan’s first fully Shariah-compliant digital retail bank signals the arrival of a new era in banking—one that combines ethical finance principles with modern technology to deliver inclusive, efficient, and customer-centric financial services. This initiative is expected to inspire further innovation and collaboration within Pakistan’s growing fintech ecosystem.
