Raqami & Codebase Technologies to Launch Islamic Digital Bank
Raqami Islamic Digital Bank has chosen Codebase Technologies to lead the launch of a new, cutting-edge, Shariah-compliant digital bank, based on the fintech’s proven track record of launching some of the MENA region’s most successful digital banks. Raqami Islamic Digital Bank will leverage Codebase Technologies’ Digibanc platform as its comprehensive technology stack, including core banking. This collaboration marks a pivotal step into a new era of digital banking, with Raqami Islamic Digital Bank being one of only five recipients of an in-principle approval for establishing a digital retail bank from the State Bank of Pakistan.
“We are thrilled for our strategic partnership with Raqami in pioneering the future of digital banking. Together, Codebase Technologies and Raqami aim to revolutionize the financial landscape, leveraging cutting-edge technologies to deliver innovative, secure, and seamless banking experiences for customers,” stated Raheel Iqbal, Managing Partner, Codebase Technologies.
Pakistan, a predominantly Muslim market, is experiencing rapid growth in digital banking, with an increasing number of consumers opting for online banking services. According to the State Bank of Pakistan, mobile and internet banking transactions surged by 57% in volume and 81% in value during the fiscal year 2022-23. Further statistics from the Annual Payment Systems Review for 2022-23 reported that internet banking users increased by 15.5% and mobile banking users rose by 30.2%, reaching 16.1 million Pakistanis.
Umair Aijaz, CEO of Raqami Islamic Digital Bank, highlighted the pressing need to support the financial health of Pakistan’s citizens, particularly in the face of inflation and rising commodity prices exacerbated by the COVID-19 pandemic. The partnership with Codebase Technologies positions Raqami Islamic Digital Bank to overcome challenges associated with legacy technology solutions and offer efficient, tailored, and seamless Shariah-compliant digital finance solutions to a broader audience.
The Digibanc platform gives Raqami a robust foundation for innovation, security, and seamless customer experiences, setting the stage for a transformative journey in the financial landscape. Together, the two companies plan to redefine the standards of modern banking with a focus on adaptability, efficiency, and technological excellence.
“We’re excited for Raqami to leverage our Digibanc platform as the comprehensive tech stack for their digital bank. Digibanc’s advanced features and modular architecture empower Raqami to deliver a secure, scalable, and customer-centric banking experience. This collaboration underscores our commitment to providing innovative solutions that drive digital transformation in the financial sector, ensuring Raqami is equipped with cutting-edge technology for sustained success,” commented Rizwan Warsi, Founder & CTO, Codebase Technologies.
Raqami Islamic Digital Bank aims to usher in a new standard for seamless digital services, offering a customer-centric experience built around consumers lifestyles. Leveraging Codebase Technologies’ Digibanc platform the bank aims to launch a range of financial services and embrace partnerships to empower customers with innovative and sustainable financial solutions.