Financial news

Raqami Islamic Digital Bank is working alongside Codebase Technologies to offer a range of Shariah-compliant digital finance solutions which address the needs of around 240 million Pakistanis.

Raqami Islamic Digital Bank plans to leverage Codebase Technologies’ Digibanc platform as its comprehensive technology stack, including core banking. The digital bank is now also one of only five recipients of an in-principle approval for establishing a digital retail bank from the State Bank of Pakistan.

Pakistan, a predominantly Muslim market, is experiencing rapid growth in digital banking, with an increasing number of consumers opting for online banking services. According to the State Bank of Pakistan, mobile and internet banking transactions surged by 57 per cent in volume, as well as 81 per cent in value between 2022 and 2023.

Further statistics from the Annual Payment Systems Review for 2022-23 reported that internet banking users increased by 15.5 per cent and mobile banking users rose by 30.2 per cent, reaching 16.1 million Pakistanis.

The Digibanc platform gives Raqami Islamic Digital Bank a robust foundation for innovation, security, and seamless customer experiences, setting the stage for a transformative journey in the financial landscape. Together, the two companies plan to redefine the standards of modern banking with a focus on adaptability, efficiency, and technological excellence.

Raheel Iqbal, managing partner at Codebase Technologies, explained: “Together, Codebase Technologies and Raqami aim to revolutionise the financial landscape, leveraging cutting-edge technologies to deliver innovative, secure, and seamless banking experiences for customers.”

Supporting financial health across Pakistan

Umair Aijaz, CEO of Raqami Islamic Digital Bank, also 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. By partnering with Codebase Technologies, Raqami Islamic Digital Bank positions itself to overcome challenges associated with legacy technology solutions and offer more efficient, tailored, and seamless Shariah-compliant digital finance solutions to a broader audience.

Rizwan Warsi, founder and CTO of Codebase Technologies, also commented: “We’re excited for Raqami to leverage our Digibanc platform as the comprehensive tech stack for their digital bank. Digibanc’s advanced features and modular architecture empower Raqami to deliver a secure, scalable, and customer-centric banking experience.

“This collaboration underscores our commitment to providing innovative solutions that drive digital transformation in the financial sector, ensuring Raqami is equipped with cutting-edge technology for sustained success.”