CASE STUDY
Building Raqami to Pilot Launch
Project Overview
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Pakistan is the world’s second-largest Muslim-majority country, with over 240 million Muslims making up 96.46% of the population. Islamic banking assets account for just 19.4% of total banking assets as of 2022. The population is young, with 64% under 30, and mobile connectivity stands at 75.2%. Financial literacy sits at 26%, and while inclusion has grown from 16% in 2015 to 64% in 2023, large parts of the country remain underserved.
Raqami Islamic Digital Bank saw the opportunity and partnered with Codebase Technologies to build the country’s first fully Shariah-compliant digital retail bank, targeting segments traditional banking had left behind: SMEs, women, youth, farmers, freelancers, and gig workers. The State Bank of Pakistan had already laid the groundwork. Raast, launched in 2021, made instant, low-cost payments possible, and the 2022 Digital Banks Framework established a clear regulatory pathway.
Codebase worked with Raqami from roadmap through pilot launch, running more than a dozen parallel workstreams. On Digibanc’s microservices architecture, Codebase built an Islamic core banking system, middleware for partner integrations, digital onboarding with eKYC, and embedded Takaful products, reaching SBP pilot approval.
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Client's Mission & Expectations
Umair Aijaz,
CEO, Raqami Islamic Digital Bank
How Codebase Technologies Made It Possible
Raqami and Codebase worked as one team from the earliest planning stages through to pilot launch. Codebase brought global digital banking delivery experience, while Raqami contributed deep knowledge of Pakistan’s market, its customers, and the regulatory landscape. Together, they defined the product vision, prioritised features, and aligned every decision with SBP requirements.
The partnership ran across multiple concurrent workstreams, requiring tight coordination between internal teams, regulators, and third-party partners. Codebase’s local integration expertise expertise kept delivery moving through compressed timelines, with agile methods driving progress. Digibanc provided the foundation, giving both teams a platform to build, configure, and adapt against the roadmap.
What Digibanc Delivered for Raqami
Islamic Core Banking System
Middleware and API Integration
Digital Onboarding with eKYC
Account Management
Payment and Transfer Rails
Codebase worked with Euronet Pakistan and Paysys Labs to enable instant, secure transfers on 1Link and Raast rails. Basis, Raqami’s integration partner, supports interbank transfers via mobile numbers, simplifying the process and improving accessibility for users across Pakistan.
Raast Integration
Takaful Health Insurance & Subscription Management
Insurance
Abid Raza Rizvi,
Head of Product and Pricing,
Raqami Islamic Digital Bank
Strategic Partnerships for Security
BenchMatrix
Delivered real-time monitoring, behavioural analysis, and automated alert resolution through RiskNucleus®, ensuring compliance with SBP and FATF AML/CFT standards.
Safewatch
Verimatrix
Euronet Pakistan & Paysys Labs
Plus IT
Basis
Syed Mohammad Ali Naqvi,,
Chief Technology Officer,
Raqami Islamic Digital Bank
Outcomes
For Raqami
For Customers
For Pakistan
Rizwan Warsi,
Founder and Chief Technology Officer,
Codebase Technologies
Frequently Asked Questions
What is Raqami Islamic Digital Bank?
Raqami Islamic Digital Bank is a digital-first banking institution established to expand access to Shariah-compliant financial services in Pakistan. In partnership with Codebase Technologies, Raqami launched a full digital bank designed to serve individuals and underserved segments.
What role did Codebase Technologies play in building Raqami Islamic Digital Bank?
What technology powers Raqami Islamic Digital Bank?
How does Digibanc support Shariah-compliant digital banking?
How does Raqami support financial inclusion in Pakistan?
Raqami is making Shariah-compliant banking more accessible by enabling remote account opening and management without visiting bank branches. This helps address barriers faced by underserved communities, including SMEs, women, farmers, freelancers, and gig workers, while contributing to the SBP’s financial inclusion target.
Which partners did Raqami and Codebase Technologies work with?
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With 64% of its 240 million people under 30 and mobile penetration at 75.2%, Pakistan holds vast untapped potential for Shariah-compliant digital banking.
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.
