Islamabad – Pakistan and Kuwait are deepening economic ties with the granting of a commercial license to Raqami Islamic Digital Bank, a move hailed by Prime Minister Muhammad Shehbaz Sharif as a significant milestone for the country’s financial sector. The license was formally awarded Tuesday, February 10, 2026, during a ceremony in Islamabad.
Sharif emphasized the importance of translating the long-standing political and cultural relationship between Pakistan and Kuwait into increased trade, investment and financial cooperation. “Strong political relations must be complemented by robust economic engagement,” he stated, adding that sustainable partnerships require collaboration in these areas. He congratulated Raqami Islamic Digital Bank on becoming Pakistan’s third licensed digital retail bank, expressing confidence in its potential to promote financial inclusion, innovation, and Shariah-compliant banking practices.
The prime minister highlighted the role of digital Islamic banking in modernizing Pakistan’s financial ecosystem while adhering to Islamic principles. He noted the decades-long cultural, political, and people-to-people connections between the two nations and expressed a desire to strengthen economic and investment ties further.
Kuwaiti Ambassador Nassar Abdul Rahman Jasser, similarly present at the ceremony, congratulated the Raqami team, describing the license as a tangible demonstration of the deep-rooted brotherly relations between Pakistan and Kuwait. He affirmed Kuwait’s consistent support for Pakistan and its commitment to expanding cooperation in trade, investment, and financial services.
Raqami Islamic Digital Bank was initially awarded a restricted banking license by the State Bank of Pakistan (SBP) in May 2025, allowing it to start pilot operations as a digital retail bank under the Licensing and Regulatory Framework for Digital Banks. The bank is backed by Pakistan Kuwait Investment Company (Private) Limited, a joint venture between the governments of Pakistan and Kuwait, and Enertech Holding Company KSC, a subsidiary of the Kuwait Investment Authority, Kuwait’s sovereign wealth fund.
Sharif further stated that Pakistan and Kuwait share strong brotherly relations, which are expected to be further strengthened through increased bilateral economic, investment, and trade cooperation. He expressed gratitude to the Kuwaiti leadership for their ongoing support of Pakistan.
