The effective facilitation by the Special Investment Facilitation Council (SIFC) is paving the way for a modern, sustainable, and inclusive financial system in Pakistan, as Raqami Islamic Digital Bank is set to start its operations in Pakistan from next month, reported the 24NewsHD TV channel on Sunday.
The Raqami Islamic Bank Digital Bank will start operations with an initial investment of $100 million. The digital bank has been established with the support of the Kuwait Investment Authority.
Advisor to the Finance Minister, Khurram Shehzad, has said the investment is a clear indication of global trust in Pakistan's improving economic conditions and ongoing structural reforms.
He said that investment cooperation between Pakistan and Kuwait in the financial and digital economy sectors is continuing to grow.
Khurram Shehzad said this investment will play a crucial role in accelerating Pakistan's digital transformation and strengthening the stability of the country's financial system.
CEO Umair Aijaz said the bank is “excited to explore the digital banking opportunity in Pakistan, particularly in the SME space, which has seen strong traction globally.”
Raqami has already invested around 8 billion rupees ($28.6 million) to reach the launch phase and plans to channel most of the remaining $100 million into technology, human resources, and information security. The bank is targeting break-even within four years.
RIDB has entered into various partnerships, including one with Euronet Pakistan Pvt Ltd to strengthen its digital payment infrastructure, including services such as payment switch, card management, credit cards, POS/e-commerce acquiring, ATM controller, and fraud management solutions.
Aijaz said the partnership will help create an integrated, scalable, and cloud-ready digital banking platform, improving operational efficiency and customer experience.