“Pakistan and Kuwait share strong cultural, political, and people-to-people ties. It is now time to further strengthen our economic and investment relations so that this partnership grows from strength to strength,” the prime minister said.He said the issuance of the digital banking licence would help promote the banking sector in Pakistan, adding that transforming political ties into economic cooperation was of key importance. The prime minister expressed commitment to working closely with the Kuwaiti leadership to advance economic partnership and achieve shared goals of development and prosperity.
The prime minister also congratulated Raqami Islamic Digital Bank on becoming Pakistan’s third licensed digital retail bank and expressed confidence that it would contribute to financial inclusion, innovation, and Shariah-compliant banking in the country.
He said digital Islamic banking would play an important role in modernising Pakistan’s financial ecosystem while remaining aligned with Islamic principles.
Prime Minister Shehbaz said the issuance of a digital banking license to Raqami Islamic Bank would help promote the banking sector in Pakistan and open new avenues of economic cooperation between Pakistan and Kuwait.
He said Pakistan and Kuwait enjoyed decades-old brotherly ties and both sides were committed to translating their shared goals of development and prosperity into practical outcomes.
Speaking on the occasion, CEO of Raqami Islamic Digital Bank Umair Iijaz said the bank was committed to promoting Shariah-compliant banking, adding that Raqami’s digital services would mark an important step toward a cashless economy in Pakistan.
He said the commercial license was a key milestone and the bank aimed to enhance financial inclusion and provide opportunities for growth across all segments of society.
Chairman of the Board of Directors Abdullah Al-Mutairi described the issuance of the digital banking licence as a historic moment and a reflection of close Pakistan–Kuwait relations.
He said both countries were committed to working together to achieve shared goals of development and prosperity, adding that Pakistan was an important destination for investment and the launch of Raqami Bank reflected confidence in its economic future.
The ceremony was attended by the Ambassador of Kuwait, senior officials of the State Bank of Pakistan, government representatives, and executives from the banking and financial sector.
Source: Associated Press of Pakistan
