Raqami Islamic Digital Bank has revealed its intention to invest $100 million over the next five years, with a scheduled commercial launch in February.

Following this announcement, the Karachi-based lender, which was backed by the Kuwait Investment Authority, has concluded its pilot phase and aspires to attract numerous customers and users within three years, emphasizing support for small- and medium-sized enterprises (SMEs), freelancers, and underrepresented groups.

Exploring digital banking opportunities in Pakistan

Raqami, according to Bloomberg, has already committed approximately $28.6 million toward the launch phase, with plans to direct most of the remaining $100 million into technological advancements, human resources development, and cybersecurity measures. The bank aims for breakeven status within four years.

The institution is also targeting a diverse customer base, including SMEs, agriculture sector participants, blue-collar workers, and freelancers, with an overarching goal to integrate digital growth with Shariah-compliant financial solutions.

Raqami has formed several partnerships, such as one with Euronet Pakistan, aimed at enhancing its digital payment infrastructure. Services include payment switch, card management, credit cards, point-of-sale/e-commerce acquiring, ATM controller, and fraud management solutions. The initiatives are designed to create an integrated, scalable, and cloud-ready digital banking platform, thereby improving operational efficiency and overall customer experience.

The bank’s operations will complement ongoing reforms, support financial inclusion, and provide tailored Islamic banking solutions to a wide range of customers. Moreover, it aims to continue addressing the needs, preferences, and demands of clients in an ever-evolving market while maintaining regulatory compliance.