Pakistan, with over 240 million people (96% Muslim), is a high-potential market for Islamic digital banking. However, as of March 2025, Shariah-compliant banking assets account for just 21.1% of total banking assets. The country’s young, tech-savvy population (64% under 30, 75.2% mobile penetration) remains underserved, particularly SMEs, women, youth, farmers, and gig workers. Raqami Islamic Digital Bank saw an opportunity to build a fully Shariah-compliant digital retail bank and engaged Codebase Technologies for our technical expertise and Digibanc™ platform to turn this vision into reality. 

The Codebase Technologies team and Raqami Islamic Digital Bank worked hand in hand to build a highly composable, fully Shariah-compliant digital bank that met SBP’s requirements and was given the green light to proceed to pilot operations. Implementation featured end-to-end customer journey mapping, agile delivery, and deep integration with ecosystem partners for services such as real-time payments, digital onboarding, biometric verification, embedded takaful insurance, mobile handset protection, among others. 

Powered by Digibanc’s microservices-based, API-first architecture, Raqami’s platform is built for agility, capable of supporting future functionalities, new integrations, and evolving market and regulatory requirements while ensuring a secure, compliant, and scalable banking experience. The initiative also aligns with SBP’s goal of 75% financial inclusion by 2028. Once live, it will help expand access to Shariah-compliant financial services, empower underserved communities, and reduce reliance on cash-based transactions. Download the case study for the full project roadmap.