Raqami Islamic Digital Bank Ltd.

Raqami Islamic Digital Bank, based in Pakistan, provides Shari'ah-compliant digital banking solutions, catering to individuals seeking ethical financial alternatives through innovative technology. Founded in 2023 and headquartered in Karachi, Pakistan, Raqami Islamic Digital Bank Ltd. specializes in Islamic banking services. The company secured its first investment round in January 2026, raising USD 100 mn from the Kuwait Investment Authority, making it the sole target of this funding effort.

The total amount raised by the bank stands at USD 100 mn, marking a significant milestone in its growth trajectory. Raqami Islamic Digital Bank offers a comprehensive suite of Shari'ah-compliant banking products tailored for individuals. Its core offering, the Digital Account, allows users to open a bank account online via the Raqami mobile app without visiting a physical branch. This service is available to eligible Pakistani residents with a valid CNIC, focusing on individual consumers.

Users can access profit-sharing savings, cash withdrawals, and digital money management via a secure PayPak debit card. The bank also provides fixed-term savings accounts and cash deposits across numerous branches and ATMs nationwide, positioning itself to integrate modern technology with Islamic finance principles for the Pakistani market. Raqami Islamic Digital Bank generates revenue through various banking fees, transaction charges, and profit-sharing on deposit accounts. Customers can open Digital Accounts to conduct daily banking transactions, enabling cash withdrawals and deposits while earning compliant profits on their savings.

The bank's model emphasizes B2C interactions through its mobile app, allowing users to withdraw cash at over 800 Askari Bank ATMs and enjoy free withdrawals from any ATM across Pakistan. This revenue model aims to foster customer loyalty and long-term engagement with its Shari'ah-compliant offerings. In January 2026, Raqami Islamic Digital Bank Ltd. raised USD 100 mn in venture funding from the Kuwait Investment Authority.

The bank plans to utilize this funding to enhance its digital Islamic banking services, aiming to increase access to ethical financial solutions and improve the banking infrastructure in Pakistan. The company is focused on launching new products designed to meet evolving customer needs and is considering expansion into additional markets within the region to broaden its reach by 2026.