The State Bank of Pakistan (SBP) has officially approved a Digital Retail Bank license for Raqami Islamic Digital Bank Limited, making it a scheduled bank in the country. The decision, effective from February 6, 2026, allows the bank to operate fully under SBP regulations and offer digital banking services to customers nationwide.
The new license allows it to authorized bank to operate as scheduled institutions. Digital Retail Banks like Raqami Islamic Digital Bank aim to provide banking services primarily through digital platforms, reducing the need for physical branches while expanding financial inclusion.
For customers, this means easier access to banking services, secure online transactions, and a potential rise in financial literacy as more people adopt digital banking.