Islamabad (TDI): Prime Minister Muhammad Shehbaz Sharif on Tuesday described the issuance of a commercial licence to Raqami Islamic Digital Bank as a landmark development for Pakistan’s financial sector and an important step in strengthening economic ties between Pakistan and Kuwait.
Speaking at the concluding session of the licence-awarding ceremony, the prime minister said that while political relations between the two countries were strong, lasting partnerships required equally solid economic engagement. He underlined that trade, investment and financial cooperation were essential for sustainable bilateral relations.
“Pakistan and Kuwait share a brotherly relationship built over decades on cultural affinity, political understanding and strong people-to-people links,” Prime Minister Shehbaz said. “The time has now come to further deepen our economic and investment cooperation so this relationship continues to grow stronger.”
Congratulating Raqami Islamic Digital Bank on becoming Pakistan’s third licensed digital retail bank, the prime minister expressed confidence that the institution would play a meaningful role in promoting financial inclusion, innovation and Shariah-compliant banking. He noted that digital Islamic banking could help modernise Pakistan’s financial landscape while remaining firmly rooted in Islamic principles.
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Addressing the ceremony, the Kuwaiti ambassador congratulated the Raqami team and said the granting of the licence reflected the deep and longstanding brotherly ties between Pakistan and Kuwait. He added that Kuwait’s leadership had always supported Pakistan and remained keen to expand cooperation in areas such as trade, investment and financial services.
Chairman of the Board of Directors of Raqami Islamic Digital Bank, Abdullah Al-Mutari, thanked the Government of Pakistan and the State Bank of Pakistan for their support. He also presented a commemorative shield to Prime Minister Shehbaz Sharif to mark the occasion.
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Raqami Islamic Digital Bank Chief Executive Officer Umair Ijaz said the bank would provide fully Shariah-compliant digital banking solutions aimed at improving access, efficiency and customer experience, while contributing to Pakistan’s broader financial inclusion goals.
The event was attended by Kuwait’s Ambassador Nassar Abdul Rahman Jasser, the Acting Governor of the State Bank of Pakistan, senior government officials, and leading figures from the banking and financial sector.
