Prime Minister Muhammad Shehbaz Sharif on Tuesday termed the issuance of a digital banking licence to Raqami Islamic Digital Bank as a major milestone for Pakistan’s banking sector, stating that the development would also strengthen economic cooperation between Pakistan and Kuwait.
Addressing the digital licensing award ceremony, the prime minister said that Pakistan and Kuwait share decades-long brotherly political relations, strong cultural connections, and close people-to-people ties. He emphasized that these longstanding relations must now be translated into enhanced trade, investment, and broader economic cooperation.
During the ceremony, Prime Minister Shehbaz Sharif formally handed over the digital banking licence to Chairman of the Raqami Board, Abdullah Al-Mutairi, and congratulated the bank’s leadership and relevant authorities on achieving this significant milestone. He noted that transforming strong political ties into meaningful economic partnerships was essential for sustainable growth and mutual prosperity.
The prime minister expressed confidence that Raqami Islamic Digital Bank, now Pakistan’s third licensed digital retail bank, would contribute significantly to financial inclusion, innovation, and the promotion of Shariah-compliant banking in the country. He added that digital Islamic banking would play an important role in modernizing Pakistan’s financial ecosystem while remaining aligned with Islamic principles.
Reaffirming his commitment to closer collaboration, the prime minister said Pakistan was ready to work closely with the Kuwaiti leadership to further strengthen economic relations and achieve shared goals of development and prosperity.
Speaking on the occasion, CEO of Raqami Islamic Digital Bank Umair Iijaz described the commercial licence as a key milestone for the institution. He said the bank was committed to promoting Shariah-compliant digital banking services and that Raqami’s innovative platform would contribute to the development of a more inclusive and cashless economy in Pakistan.
Chairman Abdullah Al-Mutairi termed the issuance of the digital banking licence a historic moment and a reflection of the strong and enduring ties between Pakistan and Kuwait. He stated that Pakistan remains an important investment destination and that the launch of Raqami Bank demonstrates confidence in the country’s economic future.
The ceremony was attended by the Ambassador of Kuwait, senior officials of the State Bank of Pakistan, government representatives, and leading figures from the banking and financial sector.