Raqami Islamic Digital Bank intends to use the Digibanc platform from Codebase Technologies as the foundation of its all-encompassing technological stack, which will include core banking. The digital bank is now one of only five to receive the State Bank of Pakistan's in-principle clearance for starting a digital retail bank.

With more and more customers choosing online banking services, digital banking is expanding quickly in Pakistan, a country with a large Muslim population. The State Bank of Pakistan reports that the volume and value of transactions made through mobile and online banking increased by 57% and 81%, respectively, between 2022 and 2023.

According to additional data from the Annual Payment Systems Review for 2022–2023, there were 16.1 million Pakistanis using mobile and internet banking, up 30.2% and 15.5%, respectively.

Raqami Islamic Digital Bank now has a strong base for innovation, security, and seamless customer experiences thanks to the Digibanc platform, paving the way for a revolution in the financial sector. The two businesses intend to work together to rewrite the rules of contemporary banking, emphasizing efficiency, flexibility, and technological innovation.

"Together, Codebase Technologies and Raqami aim to revolutionize the financial landscape, leveraging cutting-edge technologies to deliver innovative, secure, and seamless banking experiences for customers," said Raheel Iqbal, managing partner at Codebase Technologies.

promoting financial well-being throughout Pakistan
 

The CEO of Raqami Islamic Digital Bank, Umair Aijaz, emphasized the urgent necessity to assist Pakistani individuals with their financial well-being, especially in light of the COVID-19 pandemic's exacerbation of inflation and rising commodities prices. Raqami Islamic Digital Bank positions itself to overcome obstacles related to legacy technology solutions and provide more effective, customized, and seamless Shariah-compliant digital finance products to a wider audience by working with Codebase Technologies.

"We're excited for Raqami to leverage our Digibanc platform as the comprehensive tech stack for their digital bank," said Codebase Technologies founder and CTO Rizwan Warsi. Raqami is enabled by Digibanc's cutting-edge features and modular architecture to provide a safe, scalable, and client-focused banking experience.

"This partnership demonstrates our dedication to offering creative solutions that propel digital transformation in the banking industry and guarantee Raqami has state-of-the-art technology for long-term success."