Formation of Pakistan’s First Fully Shariah Compliant Digital Retail Bank

Mohsin Tayebaly & Co. is pleased to have been advising Raqami Islamic Digital Bank Limited (“Raqami”) and
Pakistan Kuwait Investment Company (Private) Limited (“PKIC”) as one of its sponsors from the beginning of their exciting journey for the establishment of a digital bank pursuant to the Licensing and Regulatory Framework for Digital Banks, issued by the State Bank of Pakistan (“SBP”).

We are extremely pleased to see that Raqami has achieved the monumental milestone of having successfully obtained a restricted banking license by the SBP, with Raqami now set to commence pilot operations as Pakistan’s first fully Shariah compliant digital retail bank.

MTC’s team, under the leadership of Vaseeq Khalid (Partner) and Mikael Rahim (Partner) look forward to being part of Raqami’s continuing journey on this exciting initiative.