Islamabad, January 22, 2024 – Raqami Islamic Digital Bank has taken a significant leap towards revolutionizing the digital banking landscape by entering an exclusive agreement with Codebase Technologies.
The partnership aims to integrate Codebase’s award-winning DigiBanc Suite as the core technology stack for Raqami’s innovative digital banking platform.
Codebase Technologies, headquartered in Bahrain, is a renowned fintech specializing in open API banking solutions. The DigiBanc Suite, the flagship product of Codebase, is a cloud-enabled, API-driven, and highly adaptable digital banking platform. It encompasses Core Banking, Mobile App, Internet Banking, API Gateway, and Middleware, providing a modular micro-services architecture for launching new financial products at scale.
In January 2023, Raqami Islamic Digital Bank (RIDB) obtained a No Objection Certificate (NOC) from the State Bank of Pakistan (SBP) to establish an Islamic digital retail bank. Subsequently, in September 2023, SBP granted In-Principal Approval (IPA) to Raqami and four other entities for the digital bank license. RIDB is currently in the process of operational readiness for a pilot, followed by a commercial launch as a digital retail bank.
Raheel Iqbal, Managing Partner at Codebase Technologies, expressed excitement about the strategic partnership, stating, “Together, Codebase Technologies and Raqami aim to revolutionize the financial landscape, leveraging cutting-edge technologies to deliver innovative, secure, and seamless banking experiences for customers.”
Rizwan Warsi, Founder & CTO of Codebase Technologies, emphasized the advanced features and modular architecture of the Digibanc platform, stating, “This collaboration underscores our commitment to providing innovative solutions that drive digital transformation in the financial sector.”
Umair Aijaz, CEO of RIDB, 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 positions Raqami to overcome challenges associated with legacy technology solutions and offer efficient, tailored, and seamless Shariah-compliant digital finance solutions to a broader audience.
Nadeem Hussain, Coach at RIDB, stressed the enhanced customer experience resulting from a robust core banking system. The selection of Codebase Technologies by Raqami, known for its extensive experience with neo banks and Islamic banks, is expected to set a new standard in Pakistan’s banking industry, offering more personalized and efficient services.
Raqami Islamic Digital Bank is one of five entities aspiring to obtain the digital retail bank license under the Licensing and Regulatory Framework for Digital Banks (the Framework) 2022 by the State Bank of Pakistan. The successful launch of operational readiness and a pilot program are crucial milestones preceding the formal awarding of the license. The Raqami-Codebase partnership is poised to contribute significantly to the evolution of digital banking in Pakistan, fostering financial inclusion and innovation.
