SBP Grants Banking License to Raqami Islamic Digital Bank

TheState Bank of Pakistan(SBP) has issued a license to Raqami Digital Bank to operate digital banking across the country. The bank will operate as the Islamic Digital Retail Bank. Consequent upon the granting of Digital Retail Bank (DRB) License to Raqami Islamic Digital Bank Limited, the State Bank of Pakistan (SBP), in exercise of the powers conferred upon it under clause (a) of sub-section (2) of Section 37 of the SBP Act 1956, has declared “Raqami Islamic Digital Bank Limited” as a Scheduled Bank with effect from February 06, 2026, according to the notification issued by the SBP. Raqmi Digital Bank has announced ambitious plans to invest $100 million over the period of the next few years, targeting 1 million customers in the underserved segment, including SMEs and freelancers. Received its in-principal approval in 2024, the bank has been successfully running its pilot operations. The bank witnessed a transitional issue before the launch, as renowned figures of the bank were initially part of the bank, including Nadeem Hussain and Sardar Abu Bakar The banking regulator plans to issue five licenses to digital banks. So far, it has issued licences to Mashreq Bank and Easypaisa Bank.