Pakistan, Kuwait economic ties deepened as licence granted to Raqami Islamic Digital Bank

The government of Pakistan has granted a commercial licence to Raqami Islamic Digital Bank Limited, marking it as the third licensed digital retail bank in the country and a development the prime minister said will strengthen economic relations with Kuwait.

The licence was issued under the regulatory framework of the State Bank of Pakistan. The bank, backed by Pakistan Kuwait Investment Company (Private) Limited — a joint venture between the governments of Pakistan and Kuwait — and Enertech Holding Company KSC, a subsidiary of Kuwait’s sovereign wealth fund, is set to begin operations as a Shariah‑compliant digital retail bank.

Prime Minister Shehbaz Sharif congratulated the bank on becoming Pakistan’s third digital retail bank, noting that it would support growth in the financial sector. “This development will go a long way in further enhancing bilateral economic relations between Pakistan and Kuwait,” he said at the licence‑granting ceremony.

Officials said the bank plans to focus on financial inclusion and digital services, including financing, savings and payment solutions for individuals and small and medium‑sized enterprises, with a long‑term investment plan estimated at $100 million.

Speaking on the occasion, the Kuwaiti ambassador to Pakistan highlighted longstanding ties between the two nations and affirmed Kuwait’s commitment to expanding economic cooperation, especially in trade and financial services.

The licence permits Raqami Islamic Digital Bank to transition from its pilot phase and commence full commercial operations, contributing to the expansion of digital and Islamic banking options within Pakistan’s financial ecosystem.