Raqami Islamic Digital Bank
Raqami Islamic Digital Bank is Pakistan's first fully Shariah-compliant digital retail bank, offering mobile-first current accounts, savings, term deposits, and Visa debit cards to unbanked individuals, women, youth, freelancers, agricultural customers, and underserved SMEs across Pakistan.
- Company typePrivate
- Founded2024
- HeadquartersKarachi, Pakistan
- Headcount51–100
- GTM typeB2C
- OfferingServices
What Raqami Islamic Digital Bank does
Raqami Islamic Digital Bank Limited is Pakistan's first fully Shariah-compliant digital retail bank, headquartered in Karachi and licensed by the State Bank of Pakistan under the Digital Banks Framework. The bank commenced commercial operations on February 6, 2026 and is targeted at unbanked and underbanked Pakistani adults (over 114 million remain unbanked), with prioritized segments including women, youth, freelancers, the agricultural sector, and SMEs (over 90% of which are financially underserved despite contributing over 40% of GDP). Backed by Kuwait Investment Authority through Enertech Holding Company KSC and Pakistan Kuwait Investment Company, the bank operates a $100 million, five-year investment plan and targets break-even within four years and one million customers within three years.
The platform is mobile-first and branchless, built on Codebase Technologies' Digibanc microservices-based, API-first digital banking stack and hosted entirely on Garaj's Tier III-certified domestic cloud infrastructure (JazzWorld). Core products are Current Account, Savings Account (Mudarabah/profit-sharing), Term Deposit Receipts (Murabaha-based), and PayPak debit cards issued through Visa, with end-to-end digital onboarding via CNIC scanning and biometric verification. Revenue is generated through transaction fees, profit-sharing on deposits, Murabaha-based SME financing, embedded Takaful commissions with EFU Life and EFU General, and supply chain finance margins via the Haball partnership. AI is deployed for credit scoring, chatbots, and fraud detection, and the bank holds a VIS AA/A1 credit rating with a Stable outlook.
The business model combines a product-led-growth digital distribution layer with strategic partnerships that extend physical and functional reach: 750+ Askari Bank branches and ATMs for cash-in/cash-out, 375+ U Microfinance Bank branches for interoperability, 1LINK/1IBFT and Raast for interbank transfers, 1BILL for utility payments, and embedded finance partnerships (Haball, VIZPRO, EFU Takaful). Governance is anchored by an independent Shariah Board chaired by Dr. Mufti Muhammad Imran Ashraf Usmani and a board including ex-CEOs of MCB, Allied, Soneri, and Samba Banks, with AA/A1 institutional credit quality and sponsor financial guarantees to the State Bank of Pakistan.
Raqami Islamic Digital Bank firmographics
Firmographics- Name
- Raqami Islamic Digital Bank
- Legal name
- Raqami Islamic Digital Bank Limited
- Website
- https://raqamidigital.com
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Raqami Islamic Digital Bank is Pakistan's first fully Shariah-compliant digital retail bank, offering mobile-first current accounts, savings, term deposits, and Visa debit cards to unbanked individuals, women, youth, freelancers, agricultural customers, and underserved SMEs across Pakistan.
- Ownership category
- akta.pro rank
Raqami Islamic Digital Bank industry classification
Industry- Product category
- Islamic Digital Retail Banking
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- National Commercial Banks (6021)
- akta.pro primary industry
- Islamic Retail Banking (FSABAGAA)
- akta.pro secondary industries
- Islamic SME & Commercial Banking (FSABAGAB), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI), Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ), Islamic Transaction Banking (Cash Management & Treasury Services) (FSABAGAF)
Keywords
Where Raqami Islamic Digital Bank is headquartered
LocationHeadquarters
- HQ city
- Karachi
- HQ country
- Pakistan
- HQ region
- Asia
Offices1 record
Markets served
Raqami Islamic Digital Bank business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Digital Banking Services: Revenue from digital current accounts, savings accounts (profit-sharing model), and term deposits. Fee income from fund transfers, utility bill payments, and card services.
- Islamic Financing Products: Murabaha-based financing for SMEs and individuals. Profit-sharing arrangements through Mudarabah for deposits. Focus on small commercial lending to underserved segments.
- Takaful/Insurance Products: Embedded Micro Takaful offerings through partnership with EFU Life and EFU General, integrated within the banking app.
- SME Supply Chain Financing: Shariah-compliant embedded supply chain financing for SMEs through Haball partnership, providing collateral-free liquidity based on receivables and purchase orders.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Asaan Digital Account - Basic tier with balance limit |
| Subscription | Monthly | Full Digital Account - Premium tier without balance limit |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels5 records
Raqami Islamic Digital Bank product offering
Product offeringCore offering
Raqami Islamic Digital Bank operates a fully Shariah-compliant, mobile-first, branchless digital banking platform serving unbanked and underserved Pakistani consumers. Its core offering comprises Current Accounts, profit-sharing Savings Accounts, Term Deposit Receipts (TDR), and PayPak Debit Cards, delivered through a smartphone app with end-to-end paperless onboarding. Revenue-generating services include real-time fund transfers via Raast and 1LINK, utility bill payments through 1BILL, embedded Micro Takaful insurance via EFU partnership, and Shariah-compliant SME supply chain financing via the Haball partnership.
Product overview
Raqami Islamic Digital Bank is Pakistan's first fully Shariah-compliant digital retail bank, operating as a mobile-first digital banking platform without physical branches. The core product portfolio consists of Current Account, Savings Account, Term Deposit (TDR), and Debit Cards—all designed around Islamic finance principles (Mudarabah, Murabaha) rather than interest-based models. Services include digital onboarding, fund transfers via 1LINK/Raast rails, utility bill payments through 1BILL, takaful insurance products via EFU partnership, and mobile top-ups. The bank recently launched SME supply chain financing through Haball partnership with AI-powered credit assessment. Planned expansions include SME financing, digital supply chain solutions, corporate collections, and payroll management services. The platform emphasizes financial inclusion for underserved segments including women, youth, freelancers, and rural populations.
Differentiator
Problem solved
Functional benefit
Products and services
- Current Account Everyday Shariah-compliant digital current account for individual consumers in Pakistan, opened end-to-end through the Raqami mobile app with no branch visit required. Supports digital onboarding, fund transfers, bill payments, and card management for personal daily banking needs.
- Savings Account (Mudarabah-based) Profit-sharing savings account where customer deposits are invested in approved Shariah-compliant Islamic avenues. Customers grow their money through halal profit-sharing mechanisms rather than interest. Available as Asaan Digital Account (with PKR 3 million balance limit) and Full Digital Account (no balance limit).
- Term Deposit Receipt (TDR) Fixed-term Shariah-compliant deposit product that allows customers to lock their savings for a predetermined period and earn stable profit. Suitable for customers seeking short-term halal returns with disciplined tenor-based investing.
- PayPak Debit Card Secure PayPak debit card issued through Visa partnership with full in-app control including freeze, unfreeze, and card management capabilities. Designed as a Shariah-compliant payment tool for digital-first customers.
- Micro Takaful (Islamic Insurance) Shariah-compliant insurance protection products embedded within the banking app through partnership with EFU Life and EFU General Window Takaful Operations. Provides Micro Takaful coverage for individual customers as part of an everyday digital banking experience.
- SME Supply Chain Financing (Murabaha-based) Shariah-compliant embedded supply chain financing for SMEs delivered through the Haball partnership. Provides collateral-free liquidity to SMEs based on receivables and purchase orders using Murabaha-based financing structures and AI-powered credit assessment.
Quantifiable outcome
- Target 1 million customers within 3 years of commercial launch
- +2 more outcomes
Companies that use Raqami Islamic Digital Bank
Customer profileSegments4 records
Ideal customer profiles3 records
Raqami Islamic Digital Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration9 records
AI capability5 records
Feature6 records
Raqami Islamic Digital Bank partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and minor.
- VIZPROcoreMOU signed May 14, 2026 for developing Shariah-compliant digital retail supply chain financing solutions for retailers and merchants across Pakistan. Aims to support SME access to capital through digital channels.
- Askari BankcoreCash deposit functionality across 750+ Askari Bank branches nationwide. Cash withdrawals at 800+ Askari Bank ATMs up to PKR 100,000 per transaction, free of charge. Enables physical service access for digital bank customers.
- 1LINKcoreStrategic partnership with Pakistan's Payment Service Provider/Operator. Enables Interbank Funds Transfer (1IBFT) and 1BILL payments. Allows RIDBL customers to transfer funds to 32+ banks and pay bills to 2,500+ companies. PayPak also planned.
- VisacoreStrategic agreement with world leader in digital payments to launch Raqami's debit card portfolio. Enables secure, digital-first payment solutions tailored to underserved populations. Supports mobile-first solutions for financial inclusion.
- EFU Life Assurance (Window Takaful Operations)coreStrategic partnership to bring Shariah-compliant financial protection products to Raqami customers through digital channels. Integrates Micro Takaful offerings within the banking app for seamless protection products.
- EFU General Insurance (Window Takaful Operations)corePartnership with Window Takaful Operations of EFU General Insurance to deliver seamless Shariah-compliant protection embedded within everyday banking experience.
- HaballcoreStrategic partnership with fintech focused on B2B supply chain digitization to launch Shariah-compliant embedded finance for Pakistan's SME sector. Enables collateral-free liquidity based on receivables and purchase orders through Murabaha-based financing structures.
- Risk AssociatesminorStrategic partnership with leading accredited management systems certification body to achieve ISO/IEC 27001:2022 compliance for information security standards.
- U Microfinance Bank (U Bank)coreInteroperability partnership enabling RIDBL customers to access branch banking services through U Bank's network of 375+ brick-and-mortar branches. Facilitates Cash In/Cash Out (CICO) transactions and other branch banking facilities.
- Garaj (JazzWorld)coreCloud and cybersecurity solutions platform from JazzWorld enabling Raqami to operate entirely on domestic cloud infrastructure. Hosts complete technology stack including core banking, digital channels, and DR environments on Tier III-certified infrastructure.
- Codebase TechnologiescoreGlobal digital banking technology provider that developed Raqami's technology platform using Digibanc microservices-based, API-first digital banking platform. Built fully digital Shariah-compliant retail bank stack meeting SBP requirements.
Scale indicators6 records
Recent moves8 records
Expansion highlights8 records
Raqami Islamic Digital Bank competitors and assessment
Company assessmentMarket position
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Raqami Islamic Digital Bank social profiles
Digital presenceRaqami Islamic Digital Bank compliance and trust
Trust signalCompliance3 records
Raqami Islamic Digital Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Raqami Islamic Digital Bank leadership team
Management profileNumber of profiles
Profiles25 records
Raqami Islamic Digital Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Raqami Islamic Digital Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Raqami Islamic Digital Bank
What does Raqami Islamic Digital Bank do?
Raqami Islamic Digital Bank operates a fully Shariah-compliant, mobile-first, branchless digital banking platform serving unbanked and underserved Pakistani consumers. Its core offering comprises Current Accounts, profit-sharing Savings Accounts, Term Deposit Receipts (TDR), and PayPak Debit Cards, delivered through a smartphone app with end-to-end paperless onboarding. Revenue-generating services include real-time fund transfers via Raast and 1LINK, utility bill payments through 1BILL, embedded Micro Takaful insurance via EFU partnership, and Shariah-compliant SME supply chain financing via the Haball partnership.
Is Raqami Islamic Digital Bank a public or private company?
Raqami Islamic Digital Bank is a private company. It is classified as venture growth investor backed and is currently operating.
When was Raqami Islamic Digital Bank founded?
Raqami Islamic Digital Bank was founded in 2024. It employs 51 to 100 people.
Where is Raqami Islamic Digital Bank based?
Raqami Islamic Digital Bank is headquartered in Karachi, Pakistan, in the Asia region.
How does Raqami Islamic Digital Bank make money?
Four revenue lines are on record. Digital Banking Services are the primary driver. The others are islamic Financing Products, takaful/Insurance Products and SME Supply Chain Financing.
Does Raqami Islamic Digital Bank have an API?
No public API is recorded for Raqami Islamic Digital Bank.
What industry is Raqami Islamic Digital Bank in?
Raqami Islamic Digital Bank's product category is Islamic Digital Retail Banking. Its primary akta.pro industry code is FSABAGAA, Islamic Retail Banking, with a secondary code of FSABAGAB, Islamic SME & Commercial Banking. Its NAICS code is 5221 and its SIC code is 6021.