Karachi, January 30, 2024 – Raqami Islamic Digital Bank (RIDB) has achieved a significant milestone by securing a No Objection Certificate (NOC) and In-Principal Approval (IPA) from the State Bank of Pakistan (SBP) to establish an Islamic digital retail bank.
This aligns with the Licensing and Regulatory Framework for Digital Banks, demonstrating the bank’s commitment to providing Shariah-compliant financial services in Pakistan.
In a strategic move, RIDB has assembled a distinguished Shariah Board, led by Dr. Mufti Muhammad Imran Ashraf Usmani as Chairman and Mufti Hassaan Kaleem as Deputy Chairman. The five-member board also includes Muhammad Ashja Khan, Mufti Azfer Iqbal, and Mufti Muhammad Muaz Ashraf, all renowned experts in Shariah teachings and Islamic finance.
Dr. Imran Usmani, a prominent figure in Islamic finance, serves as the Chairman of the Shariah Board. His extensive experience includes contributions to local and international financial institutions, making him a key figure in steering the implementation of Islamic banking and finance in Pakistan.
Mufti Hassaan Kaleem, with a wealth of expertise in Shariah teachings and advisory roles, holds positions on Shariah boards of various financial institutions globally, including the Islamic Development Bank.
Raqami’s commitment to Islamic finance is further strengthened by Muhammad Ashja Khan, Mufti Azfer Iqbal, and Muhammad Muaz Ashraf, each bringing unique qualifications and experience in Islamic jurisprudence and financial advisory.
Highlighting the significance of Raqami Bank in promoting Islamic banking and sustainable development, Dr. Imran Usmani expressed confidence that the Shariah Board would ensure all banking operations and transactions remain Shariah-compliant.
Mufti Hassaan Kaleem emphasized Raqami’s potential to eliminate Riba from the small-ticket size segment, offering halal alternatives to a broader, deserving audience.
Nadeem Hussain, Coach at Raqami Islamic Digital Bank, emphasized the importance of learning from the Shariah Board as the bank moves forward in its journey to become a fully Shariah-compliant digital bank.
Raqami’s Chairman, Mr. Abdullah Al-Mutairi, acknowledged the exponential growth of the global Islamic Financial Services Industry (IFSI) and highlighted Pakistan’s pivotal role within it. He noted the commendable progress of Raqami Bank in aligning with the industry’s trajectory, emphasizing the strategic collaboration with distinguished Islamic scholars.
As Raqami Digital Bank prepares to establish itself as a digital retail bank, it aims to cater to five key segments: SMEs, the agriculture sector, freelancers, women, and youth. With regulatory approval secured and a robust Shariah Board in place, Raqami is poised to contribute significantly to Pakistan’s growing Islamic banking sector, setting new standards for digital innovation and customer-centric services.
