The State Bank of Pakistan (SBP) has officially licensed Raqami Digital Bank to operate as an Islamic Digital Retail Bank across Pakistan, effective February 6, 2026. The bank has been declared a Scheduled Bank under SBP regulations.
Raqami Islamic Digital Bank aims to invest $100 million over the coming years, targeting 1 million underserved customers, including SMEs, freelancers, and retail clients. The bank had received in-principle approval in 2024 and successfully completed pilot operations prior to its full launch.
SBP plans to issue five digital banking licenses in total, having already granted approvals to Mashreq Bank and Easypaisa Bank, signaling a major push toward financial inclusion and digital banking expansion in Pakistan.
