Raqami Islamic Digital Bank in Pakistan partners Codebase Technologies for Digibanc platform
Raqami Islamic Digital Bank in Pakistan has selected banking solutions provider Codebase Technologies to power the launch of its Shariah-compliant digital banking services.
Raqami Islamic Digital Bank partners Codebase Technologies
The agreement will see the bank utilise the UAE-based vendor’s Digibanc platform as its new technology stack, including core banking.
It comes five months after Raqami was granted in-principle approval (IPA) by the State Bank of Pakistan (SBP) to operate retail financial services in the country, along with four other digital banks.
As put forward in its Annual Payment Systems Review for 2023, the SBP’s approval of Raqami comes in tandem with a steep year-on-year increase in the number of internet and mobile banking users in Pakistan, growing 15.5% and 30.2% last year, respectively.
In this light, Ragami is preparing to utilise its new partner’s banking technology to launch a range of digital-native financial services for customers in the country.
Raqami Islamic Digital Bank CEO Umair Aijaz says that the Digibanc platform will be deployed to overcome the challenges posed by legacy technology solutions and deliver “efficient, tailored, and seamless Shariah-compliant digital finance solutions to a broader audience”.
For Codebase, its latest partnership marks the further expansion of its footprint across the Middle East and Asia, following previous implementations by Ajman Bank in the UAE, Capital Investments of Capital Bank of Jordan, and Bahrain Commercial Facilities Company, all of which run, in some capacity, on its Digibanc platform.
