Islamabad, Pakistan – May 13, 2024
In a groundbreaking move set to redefine the banking landscape in Pakistan, U Microfinance Bank (U Bank) and Raqami Islamic Digital Bank Ltd. (RIDBL) have announced a strategic interoperable partnership. This collaboration aims to provide branch banking services to RIDBL customers through U Bank’s extensive network, marking a significant milestone in the country’s digital banking evolution.
Under this innovative alliance, U Bank will extend its Shariah-compliant services, including its network of over 375 brick-and-mortar branches nationwide, to RIDBL customers. This will facilitate seamless physical Cash In/Cash Out (CICO) transactions and other branch banking facilities for RIDBL’s digital banking clientele.
The partnership between U Bank and RIDBL signifies the convergence of traditional and digital banking realms, promising a new era of accessibility and convenience for customers across Pakistan. It aligns with the regulatory framework for digital banks unveiled by the State Bank of Pakistan (SBP) in January 2022, which encourages such collaborations to optimize financial access and reduce the cost of services for customers.
The official ceremony to officiate the partnership took place in Islamabad, attended by key executives including Mr. Mohamed Essa Al Taheri, President & CEO of U Bank, and Mr. Umair Aijaz, CEO of RIDBL, alongside other members from both organizations.
Mr. Mohamed Essa Al Taheri expressed U Bank‘s commitment to fostering financial inclusion and economic empowerment in Pakistan through collaborative initiatives. He emphasized the power of partnerships in driving positive change and delivering unique financial solutions aligned with evolving customer needs.
Echoing this sentiment, Mr. Umair Aijaz highlighted RIDBL’s vision for a transformative banking landscape, where accessibility evolves into empowerment. He emphasized the partnership’s role in reshaping banking standards and ushering in seamless Islamic digital experiences.
This strategic collaboration between U Bank and RIDBL not only enhances banking accessibility but also paves the way for exploring additional use cases to expand digital banking in Pakistan. It reinforces both organizations’ shared vision for a more inclusive and accessible banking ecosystem in the country.
