ISLAMABAD – Pakistan is set to witness key moment in its financial journey as Raqami Islamic Digital Bank, backed by the mighty Kuwait Investment Authority, is set to come up with $100 million investment and a promise to reshape the way Pakistanis bank.
The development was confirmed by Finance Minister’s aide Khurram Shahzad, who told the media that this move shows powerful vote of confidence in Pakistan’s improving economic outlook and ongoing reform agenda. This investment is growing international trust in Pakistan’s economic direction and the government’s reform efforts, he said.
The new bank will operate as a fully digital Islamic bank, leveraging cutting-edge technology to modernize Pakistan’s banking landscape and expand financial inclusion nationwide. The initiative is backed by one of the world’s largest and most respected sovereign wealth funds, marking a significant milestone for digital finance in Pakistan.
The launch of Raqami Bank not only shows rising investor confidence but also strengthens the economic and financial partnership between Pakistan and Kuwait, especially in the sectors of digital economy and finance.
He added that such high-profile investments are expected to draw more foreign capital, accelerate digital transformation, and enhance the overall stability of Pakistan’s financial system, signaling a new era of growth and international collaboration.
Pakistan is witnessing a digital payments revolution. In the first quarter of FY 2025-26, retail transactions surged to 2.8 billion, up 10% from the previous quarter, with the total value hitting Rs166 trillion, signaling a major shift toward mobile banking, instant payments, and innovative financial solutions.
State Bank of Pakistan reports that fund transfers dominate, while digital channels now handle 90% of all transactions. Mobile banking apps are leading the charge with 2 billion transactions worth PKR 33.7 trillion, covering peer-to-peer transfers, bill payments, and merchant purchases.
Raast Instant Payment System is booming, recording 544 million transactions valued at PKR 12.8 trillion, with P2P transfers up 31% and P2M payments doubling. Card payments and e-commerce are also soaring, with ATMs processing 267 million transactions daily.
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