Prime Minister Shehbaz Sharif on Tuesday declared the granting of a commercial license to Raqami Islamic Digital Bank as a transformative milestone for Pakistan's financial sector and a substantial advancement in economic collaboration with Kuwait. Addressing the concluding session of the license awarding ceremony, the premier emphasized that robust political relations must be reinforced by meaningful economic engagement, asserting that enduring partnerships cannot thrive without comprehensive trade, investment, and financial cooperation.
Strengthening Bilateral Economic Ties
"Pakistan and Kuwait are brotherly nations connected by decades of strong cultural, political, and people-to-people relations," PM Shehbaz stated. "Now is the moment to further enhance our economic and investment connections so that this relationship progresses from strength to strength," he added. The prime minister highlighted that this licensing represents a practical step toward deepening the economic bond between the two countries.
Third Licensed Digital Retail Bank in Pakistan
Congratulating Raqami Islamic Digital Bank on becoming Pakistan's third licensed digital retail bank, the prime minister expressed confidence that the institution will drive financial inclusion, foster innovation, and promote Shariah-compliant banking services. He noted that digital Islamic banking will play a crucial role in modernizing the nation's financial ecosystem while adhering strictly to Islamic principles, thereby expanding access to banking services for a broader population.
International Support and Recognition
The Kuwaiti ambassador extended congratulations to the Raqami team and described the digital bank's licensing as a tangible manifestation of the deep-rooted fraternal relations between Pakistan and Kuwait. He affirmed that Kuwait's leadership has consistently supported Pakistan and is eager to broaden cooperation in trade, investment, and financial services, viewing this development as a cornerstone for future collaborative ventures.
Leadership Perspectives and Commitments
Abdullah Al-Mutari, chairman of Raqami Islamic Digital Bank's board of directors, expressed gratitude to the government and the State Bank of Pakistan for their unwavering support, presenting a commemorative memento to Prime Minister Shehbaz Sharif during the ceremony. Raqami Islamic Digital Bank Chief Executive Officer Umair Ijaz outlined the bank's mission to deliver fully Shariah-compliant digital banking services designed to enhance accessibility, efficiency, and customer experience, while actively supporting Pakistan's overarching financial inclusion objectives.
This initiative marks a significant leap forward in Pakistan's digital banking landscape, aligning with global trends and reinforcing the strategic economic partnership between Pakistan and Kuwait through innovative financial solutions.
