Raqami Digital Bank earns AA/A1 credit ratings

March 11, 2026 (MLN): Raqami Islamic Digital Bank Limited (RIDBL) has secured entity ratings of ‘AA/A1’ (Double A/A One) from VIS Credit Rating Company Limited, showing strong creditworthiness and a stable outlook for the country’s first fully Islamic digital retail bank.

The long-term rating of ‘AA’ indicates a high level of credit quality with strong protection factors. While risks remain modest, they may fluctuate slightly depending on broader economic conditions.

Meanwhile, the short-term rating of ‘A1’ highlights the bank’s strong capacity to meet short-term obligations on time, supported by excellent liquidity. The outlook on the assigned ratings remains Stable, with the previous rating action announced on November 12, 2025.

The bank has been officially recognized as a Scheduled Bank by the State Bank of Pakistan after receiving regulatory approval to begin commercial operations as a fully Shariah-compliant digital retail institution.

Following this approval, RIDBL commenced its commercial operations on February 6, 2025, marking a significant milestone in Pakistan’s evolving digital banking landscape.

The ratings assigned to RIDBL are underpinned by strong backing from its sponsors, including Pakistan Kuwait Investment Company and Enertech Holding Company. Both institutions possess solid financial strength and institutional credibility, providing strategic and financial support to the digital bank.

Sponsor commitments to the State Bank of Pakistan, including guarantees to cover potential capital shortfalls during the early operational phase, further reinforce the bank’s financial stability.

RIDBL has implemented a comprehensive governance framework featuring balanced representation from sponsor and independent directors to ensure transparency and accountability.

Strategic oversight is provided by the board along with an experienced management team, while specialized committees oversee critical functions such as risk management, compliance, liquidity, and technology operations.

Shariah governance remains a core pillar of the bank’s operations. An independent Shariah Board, chaired by renowned Islamic scholar Mufti Muhammad Imran Ashraf Usmani, supervises all products and services to ensure strict compliance with Islamic finance principles.

Following the successful completion of its pilot phase, RIDBL has transitioned into full commercial operations, making its services accessible to the general public.

The bank offers a wide range of digital banking solutions, including seamless account opening, current and savings accounts, Term Deposit Receipts (TDRs), digital fund transfers, utility bill payments, takaful services, and mobile top-ups all delivered through a fully digital platform.

Looking ahead, the bank plans to expand into SME financing, digital supply chain solutions, corporate collections, and payroll management services as part of the next phase of its strategic roadmap.

Over time, RIDBL aims to broaden its presence across consumer segments by introducing additional Shariah-compliant retail, wealth management, and remittance products.

The bank also intends to leverage advanced data analytics and artificial intelligence to deliver personalized, efficient, and customer-centric financial solutions.

RIDBL’s digital-first business model is designed to provide scalable and efficient Islamic banking services primarily through digital channels, reducing dependence on physical branches while promoting financial inclusion.

Its core technology infrastructure, built on a regionally proven digital banking platform, supports secure operations, fintech integrations, and robust cybersecurity and business continuity systems.

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