Raqami Islamic Digital Bank taps Codebase Technologies’ Digibanc platform

By Gloria Mathias

Raqami Islamic Digital Bank has chosen Codebase Technologies to launch a new, Shariah-compliant digital bank. Raqami Islamic Digital Bank will leverage Codebase Technologies’ Digibanc platform as part of its comprehensive technology stack, including core banking.

This collaboration marks a pivotal step into a new era of digital banking, with Raqami Islamic Digital Bank being one of only five recipients of in-principle approval for establishing a digital retail bank from the State Bank of Pakistan.

“We are thrilled about our strategic partnership with Raqami Islamic Digital Bank in pioneering the future of digital banking. Together, Codebase Technologies and Raqami Islamic Digital Bank aim to revolutionise the financial landscape, leveraging cutting-edge technologies to deliver innovative, secure, and seamless banking experiences for customers,” stated Raheel Iqbal, Managing Partner, Codebase Technologies.

Umair Aijaz, CEO of Raqami Islamic Digital Bank, highlighted the pressing need to support the financial health of Pakistan’s citizens, particularly in the face of inflation and rising commodity prices exacerbated by the COVID-19 pandemic. The partnership with Codebase Technologies positions Raqami Islamic Digital Bank to overcome challenges associated with legacy technology solutions and offer efficient, tailored, and seamless Shariah-compliant digital finance solutions to a broader audience.

The Digibanc platform gives Raqami Islamic Digital Bank a robust foundation for innovation, security, and seamless customer experiences, setting the stage for a transformative journey in the financial landscape. Together, the two companies plan to redefine the standards of modern banking with a focus on adaptability, efficiency, and technological excellence.

“We’re excited for Raqami Islamic Digital Bank to leverage our Digibanc platform as the comprehensive tech stack for their digital bank. Digibanc’s advanced features and modular architecture empower Raqami Islamic Digital Bank to deliver a secure, scalable, and customer-centric banking experience. This collaboration underscores our commitment to providing innovative solutions that drive digital transformation in the financial sector, ensuring Raqami Islamic Digital Bank is equipped with cutting-edge technology for sustained success,” commented Rizwan Warsi, Founder & CTO, of Codebase Technologies.

Leveraging Codebase Technologies’ Digibanc platform, the bank aims to launch a range of financial services and embrace partnerships to empower customers with sustainable financial solutions.