Raqami Islamic Digital Bank has entered into a strategic agreement with Visa, the world leader in digital payments, to launch its card portfolio and enable secure, digital-first payment solutions tailored to underserved populations across Pakistan.
Announced at a signing ceremony held at Raqami’s Head Office in Karachi, the collaboration marks a major milestone in Raqami’s journey as Pakistan’s first Islamic digital retail bank. Visa will support Raqami’s debit card portfolio while also enabling the bank to deliver innovative, mobile-first solutions that drive financial inclusion.
“Despite a population of over 220 million, only 18% of Pakistanis are digitally active in financial services and more than 114 million adults in Pakistan remain unbanked 1 , highlighting the vast potential for digital banking growth still untapped in the market. Visa’s partnership with Raqami Islamic Digital Bank is about more than technology – it’s about access. Together with Raqami, we’re enabling women, youth, freelancers, and millions of others to participate in the digital economy with confidence and ease, advancing the State Bank of Pakistan’s vision for a digitally inclusive and future- ready financial ecosystem,” said Mr. Umar S. Khan, Country Manager, Pakistan & Afghanistan, Visa.
Commenting on the collaboration, Mr. Umair Aijaz, CEO of Raqami Islamic Digital Bank, said: “Partnering with Visa is a major milestone in our journey to build a fully digital, Shariah-compliant banking ecosystem. With Visa’s global infrastructure, we will be able to issue and manage card products that are not only secure and seamless, but also inclusive and purpose-driven. This partnership enhances our ability to serve digitally aware customers and extend financial access to the millions who remain underserved by traditional banking.”
Raqami Islamic Digital Bank Limited is Pakistan’s first Islamic digital retail bank, awarded a Restricted License by the State Bank of Pakistan to commence Pilot Operations under the Licensing and Regulatory Framework for Digital Banks. Raqami aims to offer inclusive, shariah-compliant financial solutions through a digitally innovative, tech-first approach. The bank is backed by Pakistan Kuwait Investment Company (Private) Limited and Enertech Holding Company KSC, a subsidiary of Kuwait’s sovereign wealth fund, Kuwait Investment Authority. With a vision to build trust and transparency, Raqami is designed to serve the evolving needs of modern retail banking customers.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About Visa, Visa Blog, and @Visacemea.
