Raqami Digital Bank plans $100m investment

MG News | January 23, 2026 at 10:44 AM GMT+05:00

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January 23, 2026 (MLN): Raqami Islamic Digital Bank (RIDB), plans to invest $100 million over the next five years as it prepares to start commercial operations in February.

The digital bank is backed by the Kuwait Investment Authority sovereign wealth fund and is targeting at least one million customers within three years, with a focus on small- and medium-sized enterprises, freelancers, and underserved segments through digital lending solutions.

The Karachi-based lender has completed its pilot phase and is moving toward a full market rollout.

The development was shared by Faseeh Mangi on his X account, as reported by Bloomberg.

Chief Executive Officer Umair Aijaz said the bank sees strong potential in Pakistan’s SME-focused digital banking space, noting that similar models have gained significant traction globally.

He said the lender is keen to tap into growing demand for Shariah-compliant digital financial services.

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