Pakistan’s digital banking landscape is evolving rapidly, with Islamic digital banking emerging as one of the country’s strongest growth opportunities. Home to over 240 million Muslims, representing 96% of the population and making Pakistan the world’s second-largest Muslim-majority country, the demand for accessible, Shariah-compliant financial services continues to rise. Yet despite this significant market potential, Islamic banking assets account for only 19.4% of total banking assets. 

Raqami Islamic Digital Bank was established to particularly address this gap. To bring this vision to life, Raqami partnered with Codebase Technologies and leveraged our Digibanc platform to build one of Pakistan’s first fully digital Islamic banks. Through this partnership, we supported Raqami at every stage of the journey, from product design and ecosystem integrations to regulatory preparation, ultimately helping the bank secure approval from the State Bank of Pakistan (SBP) to commence pilot operations before progressing toward full commercial launch. 

Being a fully digital Islamic bank, Raqami launched with a comprehensive suite of mobile-first banking capabilities, including frictionless digital onboarding with biometric verification, instant fund transfers, QR payments, consolidated bill payments, debit card issuance, account controls, and embedded financial services. Built on Digibanc, the bank is positioned to continuously scale and introduce new capabilities through the platform’s composable, API-driven architecture, while enabling Pakistani customers to access secure, Shariah-compliant banking entirely digitally and helping Raqami capture a significant underserved market opportunity within Pakistan’s Islamic banking sector.