- Raqami Islamic Digital Bank in Pakistan has selected Codebase Technologies to power the launch of its Shariah-compliant digital banking services.
- The bank will utilize Codebase’s Digibanc platform as its new technology stack, including core banking, to overcome challenges posed by legacy technology solutions.
- Raqami received in-principle approval from the State Bank of Pakistan (SBP) to operate retail financial services, along with four other digital banks.
- The partnership aims to deliver efficient, tailored, and seamless Shariah-compliant digital finance solutions to a broader audience in Pakistan.
- The move comes as the SBP reports a significant increase in the number of Internet and mobile banking users in Pakistan, highlighting the growing demand for digital financial services.
- Codebase Technologies continues to expand its presence across the Middle East and Asia, with Raqami Islamic Digital Bank joining other institutions using its Digibanc platform.
