PM Issues License to Raqami Islamic Digital Bank

Prime Minister Shehbaz Sharif has officially awarded a digital banking license to Raqami Islamic Digital Bank, signaling a major shift in the country’s financial landscape and its partnership with Kuwait.

Highlights

• Raqami becomes the third licensed digital retail bank in Pakistan.
• The bank is a joint venture between the governments of Pakistan and Kuwait.
• PM Shehbaz Sharif expects the bank to drive economic growth through Sharia-compliant services.
• The initiative aims to deepen bilateral investment and trade cooperation.

Strengthening Bilateral Bonds

Addressing a ceremony in Islamabad, Prime Minister Shehbaz Sharif highlighted the deep brotherly ties between Pakistan and Kuwait. He stated that the issuance of this license will help expand economic and investment cooperation. The Prime Minister expressed his appreciation for the Kuwaiti leadership’s consistent support for Pakistan’s development.

Advancing Digital Finance

The Prime Minister congratulated the bank on reaching this milestone. He noted that as the third digital retail bank in the country, it will provide modern banking features to users. The government expects the bank to play a major role in promoting financial inclusion while adhering to Sharia principles.

Strategic Partnership and Ownership

Raqami Islamic Digital Bank is backed by the Pakistan Kuwait Investment Company and Enertech Holding Company, which is a subsidiary of Kuwait’s sovereign wealth fund. The State Bank of Pakistan had previously granted a restricted license in May 2025 to begin pilot operations, leading to this final approval.