Raqami pilots Pak’s first fully digital Islamic retail bank with Codebase

By Gloria Methri

Codebase Technologies has enabled the pilot launch of Raqami Islamic Digital Bank, marking Pakistan’s first fully Shariah-compliant digital retail bank. The initiative aligns with the State Bank of Pakistan’s 2028 vision of achieving 75% financial inclusion, thereby addressing longstanding gaps in the country’s financial ecosystem.

Pakistan, home to over 240 million people—predominantly Muslim and increasingly digitally connected—is looking for a transformative shift in its banking sector. While mobile penetration has surpassed 75% and nearly two-thirds of the population is under the age of 30, Islamic banking still constitutes just 19% of total banking assets. This disconnect highlights the urgent need for agile, accessible, and ethical financial solutions.

Raqami’s pilot phase, built entirely on Codebase Technologies’ Digibanc™ platform, delivers a mobile-first, Shariah-compliant banking experience tailored to the unbanked and underserved. The digital solution includes seamless onboarding, integrated Takaful insurance, and connectivity with Raast, Pakistan’s real-time payments infrastructure.

“With Codebase Technologies as our partner, we have taken the first step with our restricted Pilot banking licence towards launching a fully Shariah-compliant digital retail bank which will serve the unserved and underserved segments, long excluded from the traditional financial system,” said Umair Aijaz, CEO of Raqami Islamic Digital Bank.

From its inception, Raqami has been designed to remove structural barriers to financial access. With Digibanc’s modular architecture, the platform enables rapid roll-out of key features, including tiered KYC onboarding, digital Takaful coverage, and peer-to-peer payments via mobile.

“Building Pakistan’s first Shariah-compliant digital retail bank is more than a project, it’s a mission,” noted Raheel Iqbal, Managing Partner at Codebase Technologies. “With Raqami, we have created a scalable, secure, and future-ready digital bank designed for meaningful impact.”

At the core of the pilot is Digibanc™, Codebase Technologies’ proprietary digital banking platform. Cloud-native, microservices-based, and API-driven, Digibanc™ enables rapid innovation, regulatory compliance, and embedded finance capabilities. The platform is already empowering financial institutions across MENA, South Asia, and APAC to scale digital banking services in diverse regulatory and market environments.