ISLAMABAD: Prime Minister Shehbaz Sharif said Tuesday the commercial license granted to Raqami Islamic Digital Bank advances Pakistan's financial sector and strengthens economic ties with Kuwait, according to an official statement.
Speaking at the final session of the authorization ceremony, PM Sharif said that political relationships need economic partnerships to remain sustainable. Trade, investment and financial collaboration form the foundation of lasting alliances between nations, he said.
Pakistan and Kuwait share decades-long bonds through cultural connections, political cooperation and people-to-people exchanges, the premier said. He said that the time has come to expand commercial and investment relations so that the partnership continues growing.
PM Sharif congratulated Raqami Islamic Digital Bank on becoming Pakistan's third licensed digital retail bank. He said that the institution will contribute to financial inclusion, innovation and Shariah-compliant banking in the country.
"Digital Islamic banking will modernize Pakistan's financial system while maintaining Islamic principles," he said.
Kuwait's Ambassador Nassar Abdul Rahman Jasser congratulated the Raqami team and called the bank's licensing a demonstration of the deep-rooted relations between both countries. Kuwaiti leadership has consistently supported Pakistan and wants to expand cooperation in trade, investment and financial services, the ambassador said.
The chairman of Raqami Islamic Digital Bank's board, Abdullah Al-Mutari, thanked the Pakistan government and State Bank for their support.
The bank will offer fully Shariah-compliant digital banking services to improve accessibility, efficiency and customer experience while supporting Pakistan's financial inclusion agenda, said Raqami Islamic Digital Bank CEO Omer Ajaz.
The State Bank's acting governor, senior government officials and banking sector executives also attended the ceremony.
