Codebase Technologies Powers Raqami’s Pilot Launch: Ushering in Pakistan’s First Fully Digital Islamic Retail Bank

In a major leap toward financial inclusion and digital transformation, Codebase Technologies has successfully enabled the Pilot launch of Raqami Islamic Digital Bank, taking an important step to becoming Pakistan’s first fully Shariah-compliant digital retail bank. This milestone marks a defining moment in the country’s financial sector evolution and aligns seamlessly with the State Bank of Pakistan’s 2028 vision for 75% financial inclusion.

With a population of over 240 million, predominantly Muslim and increasingly digital-native; Pakistan is ripe for a banking revolution. Despite growing demand, Islamic banking accounts for only 19% of total banking assets. At the same time, mobile penetration exceeds 75%, and two-thirds of the population is under 30. The opportunity is vast, and Codebase Technologies is helping lead the digital change.

Built entirely on Codebase Technologies’ Digibanc™ platform, Raqami’s Pilot rollout delivers an end-to-end digital banking experience that is ethical, mobile-first, and inclusive. The solution includes frictionless onboarding, embedded Takaful insurance, and seamless integration with Pakistan’s real-time payment system, Raast.

“Pakistan is on the brink of a digital revolution, and we are proud to be pioneering this change. With Codebase Technologies as our partner, we have taken the first step with our restricted Pilot banking license towards launching a fully Shariah-compliant digital retail bank which will serve the unserved and underserved segments, long excluded from the traditional financial system,” said Umair Aijaz, CEO of Raqami Islamic Digital Bank.

From the outset, Raqami has been designed to address real-world financial barriers. Digibanc’s modular architecture enables rapid deployment of features such as tiered KYC onboarding, digital Takaful coverage, and mobile-based P2P payments.

“Building Pakistan’s first Shariah-compliant digital retail bank is more than a project, it’s a mission,” said Raheel Iqbal, Managing Partner at Codebase Technologies. “With Raqami, we’ve created a scalable, secure, and future-ready digital bank designed for meaningful impact.”

Codebase Technologies' Digibanc™, a proprietary, award-winning digital banking platform, has been central to the launch. Fully cloud-native, microservices-based, and API-driven, Digibanc™ enables rapid configuration, seamless regulatory alignment, and embedded innovation. It empowers financial institutions across MENA, South Asia, and APAC to reimagine digital banking with speed and scale.

This launch not only reinforces Codebase Technologies’ role as a key enabler of digital Islamic banking, but also underscores its growing influence in driving financial inclusion across emerging markets.