ISLAMABAD: Kuwait Investment Authority–backed Raqqami Islamic Digital Bank (RIDB) will invest $100 million in Pakistan and launch operations in February, Finance Adviser Khurram Shehzad said.
The bank will become Pakistan’s first fully digital, Shariah-compliant bank, according to its website. It will offer online financing, savings, and payment services to individuals and small and medium-sized enterprises.
RIDB aims to expand financial inclusion by targeting underserved segments of the population.
The investment comes as Pakistan seeks greater foreign inflows, particularly from Gulf states, to support economic recovery and stabilize public finances.
The State Bank of Pakistan issued a no-objection certificate to RIDB in 2024, clearing the way for its launch.
“Kuwait Investment Authority–backed Raqqami Bank is set to launch in Pakistan with a $100 million investment,” Shehzad said in a post on X. “This reflects growing confidence in Pakistan’s economic reforms and improving outlook.”
Shehzad said the bank is backed by Kuwait’s sovereign wealth fund, calling it a positive signal for investor sentiment.
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He added that the move highlights strengthening investment ties between Pakistan and Kuwait, especially in the financial services and digital economy sectors.
Earlier this month, Bank Islami launched Pakistan’s first Shariah-compliant QR payment gateway, enabling real-time online payments and instant bank-to-bank transactions for customers and merchants.
