Raqami Islamic Digital Bank Review — Halal Finance Products
Reviewed quarterly and updated for major content changes.
Raqami Islamic Digital Bank offers halal financial products and services designed to align with Islamic principles. These options provide alternatives to conventional interest-based financial products, using structures like Murabaha, Ijara, and Musharakah.
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HalalWallet 2026 Review
Raqami Islamic Digital Bank — At a Glance
2
Products Reviewed
50
States Served
1
Category
N/A
Founded
Our Verdict
Raqami is the most interesting new institution in Pakistani Islamic finance: a genuinely digital bank whose Shariah bench would flatter an incumbent ten times its size, paying the market's highest published halal deposit rates. Both halves of that sentence need qualification. The governance is real — Imran Usmani's chairmanship, published operations certificates and account fatwas, SBP's 2024 framework with AAOIFI standards — but the rate story reads as launch economics: a ~300bps ramp in six months from a bank whose commercial licence arrived in May 2026, with the Mudarib share and weightages behind those rates undisclosed. As a high-yield secondary account with serious religious oversight, it is compelling now. As a primary bank, it asks you to extend trust that its operating history cannot yet support.
Pros & Cons
What We Like
- Highest published Islamic deposit rates in Pakistan at June 2026: 10.00–11.00% savings tiers, 11.50% 1-year TDR
- Startup with an incumbent-grade Shariah board: Meezan's SSB vice chairman in the chair, DIB Pakistan's vice chairman alongside
- Published operations Shariah certificate and account fatwas; monthly historical-rate PDFs since the December 2025 launch
- The 7-day Flexi-Week Saver has no published Islamic-bank equivalent — genuine product innovation in short-tenor halal cash
- Free cash in/out through 700+ Askari branches and 800+ ATMs solves the digital-bank cash problem at zero fee
- Institutional sponsorship (PKIC, EnerTech) and a heavyweight independent director bench for a bank this young
What Could Be Better
- No published Mudarib share, profit-sharing ratio or pool weightages — incumbents print theirs; Raqami shows outcomes without mechanics
- The rate ramp (flat 7.30% at December 2025 launch to 10–11.50% by June 2026) is classic deposit-acquisition pricing — sustainability is unproven and the site's 'expected' vs declared rate labelling is not always clear
- Deposits and payments only: no financing, Takaful or investment products, so it cannot be anyone's complete Islamic bank yet
- Total dependence on the Askari Bank agency network for cash — an operational single point of failure outside Raqami's control
- No scale disclosure yet (deposits, customers, financials) — the bank is weeks old as a licensed commercial entity
Who Is Raqami Savings Account Best For?
Yield-focused savers with an existing primary bank
10.00–11.00% June 2026 tiers with published monthly history — roughly 300bps over incumbent Islamic banks, for money you can afford to move if pricing normalizes
Short-tenor cash managers
The 7-day to 6-month Mudaraba tenors at double-digit declared rates serve a liquidity niche no incumbent publishes
Digital natives who still handle cash
Free deposits at 700+ Askari branches and withdrawals to Rs 100,000/transaction at 800+ ATMs — app-only banking without cash isolation
Detailed Analysis
Raqami Islamic Digital Bank is the first Shariah-compliant institution among the five digital banks licensed under the SBP's 2022 framework, receiving its commercial licence on May 20, 2026. Its sponsorship is institutional rather than founder-led: Pakistan Kuwait Investment Company seats multiple executives on the board, Kuwait's EnerTech Holding brings Gulf capital (its CEO, H.E. Abdullah Al-Mutairi, chairs the board), and the independent bench includes Jehan Ara of Katalyst Labs, VentureDive's Atif Azim, and former chief executives of Samba Bank, MCB/Allied and — notably — Meezan Bank's former deputy CEO Ariful Islam. CEO Umair Aijaz comes from PKIC's corporate and investment banking side.
The Shariah governance is the startup's most remarkable asset. The five-scholar board is chaired by Sheikh Dr. Mufti Muhammad Imran Ashraf Usmani — PhD in Islamic finance, Vice Chairman of Meezan Bank's Shariah Supervisory Board, and son of Justice Mufti Taqi Usmani — joined by Mufti Hassaan Kaleem (Vice Chairman of DIB Pakistan's board, Islamic Development Bank boards), Mufti Muhammad Muaz Ashraf (CSAA, ex-Meezan), Mufti Azfer Iqbal, and Resident Member Muhammad Ashja Khan (SECP-registered, ex-Faysal Bank and EY Ford Rhodes). The framework language is specific: operating under SBP's 2024 Shariah Governance Framework with AAOIFI standards adopted, a published Shariah certificate for RIDBL's operations, and a current-account fatwa on the governance page. For a bank with no operating history, this bench is the trust bridge — the same scholars certify the incumbents.
The product set is deliberately narrow: a non-remunerative current account (fatwa published), a Mudaraba savings account with tiered profit rates, term deposits from 7 days to 1 year with auto-reinvest, goal-based Saving Pots that earn profit, and a PayPak debit card with in-app controls. Onboarding is CNIC-plus-biometric with no branch visit; the Asaan tier caps balances at Rs 3M while the Full Digital Account is uncapped. Cash physicality rides on Askari Bank: free deposits at 700+ branches, free withdrawals up to Rs 100,000 per transaction at 800+ Askari ATMs, plus any-ATM withdrawals nationwide. A supply-chain financing MOU (VIZPRO, May 2026) hints at the asset side to come, but today Raqami lends to no consumers.
The rates demand critical reading. June 2026's published sheet shows savings at 10.00% (to Rs 500K), 10.50% (to Rs 1M) and 11.00% (above), with TDRs from 10.00% (7-day) to 11.50% (1-year) — against a December 2025 launch sheet that paid a flat 7.30–7.80%. That ~300bps ramp with a sharply steepened curve is the signature of deposit-acquisition pricing by a newly licensed bank building a book, and the marketing leans on rate leadership accordingly. Two disclosure gaps compound the caution: the Mudarib share and pool weightages are not published anywhere on the public site — BankIslami prints its 50:50 per pool; Raqami does not — and the savings page's 'expected profit rates' phrasing is not consistently distinguished from declared rates. You can verify what Raqami paid; you cannot verify how.
Assessment: Raqami has earned a specific role — the high-yield halal cash account beside your primary bank. The governance seniority, published certificates and monthly rate PDFs justify religious and basic operational trust; the launch-phase pricing, missing pool mechanics, absent product breadth and week-count operating history argue against concentration. Ladder short tenors while the curve lasts, keep documentation of the monthly sheets, and watch two tells: whether the bank publishes its profit-sharing ratios as it matures, and where rates settle once the deposit-gathering phase ends.
How It Works
Raqami's savings account is a Mudaraba partnership: 'your savings are invested following Shariah guidelines... Real profits are shared from actual investment performance, not promises' — tiered declared rates published monthly. Term deposits are tenure-based Mudaraba: depositor and bank agree a tenor (7 days, 1, 3, 6 months, or 1 year), profit pays at the end of the partnership, and auto-reinvest is offered with or without accrued profit. Saving Pots are goal-based sub-balances that participate in profit-earning. The current account is non-remunerative with a published fatwa, and the PayPak debit card carries in-app freeze and controls. The profit-sharing ratio (Mudarib share) and pool weightages behind these products are not published — the key structural disclosure gap versus incumbent Islamic banks.
Open in-app with CNIC and biometrics
Onboarding is CNIC + selfie + biometric verification with no branch visit; choose the Asaan tier (Rs 3M balance cap) or the Full Digital Account (no cap).
Check the current month's declared sheet first
Rates move monthly and have been on a launch-phase ramp — download the latest Historical Profit Rates PDF and treat 'expected' figures as indicative, not promised.
Ladder tenors to match your horizon
Use the 7-day Flexi-Week Saver for parking cash, 1–6 month TDRs for near-term goals, and the 1-year TDR only with the understanding that today's 11.50% is not a forward promise.
Use Askari's network for cash
Deposit free at 700+ Askari Bank branches; withdraw up to Rs 100,000 per transaction free at 800+ Askari ATMs, or use any ATM nationwide.
Keep it a satellite until disclosure matures
With no financing shelf, no published pool mechanics and a weeks-old licence, run Raqami as your yield account beside an incumbent primary bank — and revisit as its disclosure and product range grow.
Shariah Compliance Review
Oversight Level
Review details on provider's website
Shariah Board (five scholars): Chairman Sheikh Dr. Mufti Muhammad Imran Ashraf Usmani (PhD Islamic Finance; Vice Chairman, Meezan Bank Shariah Supervisory Board; son of Justice Mufti Taqi Usmani); Mufti Hassaan Kaleem (Vice Chairman, DIB Pakistan Shariah Board; Islamic Development Bank boards; 24 years' experience); Mufti Muhammad Muaz Ashraf (CSAA; ex-Meezan Bank and NIBAF); Mufti Azfer Iqbal (Burque Corporation Shariah compliance; teaching faculty); Resident Member Muhammad Ashja Khan (SECP-registered Shariah advisor; nine years in Islamic banking and Shariah audit; ex-Faysal Bank, EY Ford Rhodes). Head of Shariah Compliance: Nasir Razak Mahar.
Framework and documents: operates under the SBP's 2024 Shariah Governance Framework with AAOIFI standards adopted; publishes a 'Shariah Certificate for RIDBL Operations', a current-account fatwa, and product fatwas/certificates on the governance page; the chairman's message states the board 'has been actively engaged from the earliest stages of Raqami's operational journey.'
Scholar network note: the chairman vice-chairs the market leader's board and a fellow member vice-chairs DIB Pakistan's — deep cross-institutional credibility, and the same cross-holding pattern that runs through all Pakistani Shariah governance.
Disclosure gaps: no published Mudarib share, profit-sharing ratio or pool weightages; 'expected' versus declared rate labelling inconsistent; no financial-scale disclosure yet — religious certification is documented, economic mechanics are not.
Shariah compliance should always be verified directly with Raqami Islamic Digital Bank. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
Raqami versus the incumbents is yield-with-youth against history-with-mechanics: its June 2026 savings tiers out-paid BankIslami's 7.8355% and Meezan's 7.04% by roughly 300bps, but BankIslami prints per-pool ratios with nine years of archive and Meezan publishes weightages in advance — Raqami publishes neither. Against Bank Makramah's Islamic savings (8.14% June 2026), Raqami pays more with a cleaner story (no conversion baggage, no capital-adequacy history). Its true structural comparison is with AIK, BankIslami's digital front end: AIK offers lower rates on a 569-branch institution; Raqami offers higher rates on an agency arrangement. There is no like-for-like: Raqami is the only licensed Islamic digital bank in the market.
vs. Meezan Bank
Meezan pays ~300bps less on savings (July 2026) but publishes the full Mudarabah machinery — weightages, ratios, loss clauses — plus a complete product shelf Raqami won't have for years.
vs. BankIslami
BankIslami's AIK is the incumbent digital alternative: lower June 2026 rates (7.8355%) but per-pool printed ratios, a nine-year rate archive and 569 physical branches behind the app.
vs. UBL Ameen
UBL's Islamic arm offers Rs-100 account opening across a mass-converted branch network — a conventional-parent alternative for savers who want scale over yield and accept window-model governance.
Alfalah's 450+ Islamic branches and established digital channels offer the big-window alternative; Raqami counters with pure-Islamic licensing, a more senior Shariah bench and materially higher published rates.
Bottom Line
Raqami is the best halal yield story in Pakistan right now and a genuinely well-governed startup — the certificates, fatwas and scholar bench are real. Use it for what it is: a high-rate Mudaraba cash account with free Askari-network cash access, sized as a satellite holding until the bank publishes its pool mechanics, proves its rates outlast the launch phase, and builds an actual product shelf.
Products from Raqami Islamic Digital Bank
Why It's Halal
Raqami's savings account is a Mudaraba partnership with unusually direct language for a rate-led product: 'Real profits are shared from actual investment performance, not promises.' The governance bench outweighs the bank's size: a five-scholar Shariah Board chaired by Sheikh Dr. Mufti Muhammad Imran Ashraf Usmani — Vice Chairman of Meezan Bank's Shariah Supervisory Board and son of Justice Mufti Taqi Usmani — alongside Mufti Hassaan Kaleem, Vice Chairman of DIB Pakistan's board, operating under SBP's 2024 Shariah Governance Framework with AAOIFI standards adopted. A Shariah certificate for the bank's operations and a current-account fatwa are published on the governance page. The counterweight: unlike incumbent Islamic banks, Raqami does not publish its Mudarib share or pool weightages, so you can see what it paid but not how the split works.
Raqami Islamic Digital Bank
Raqami Savings Account
App-only Mudaraba savings from Pakistan's first Shariah-compliant digital retail bank: 10.00–11.00% tiered profit rates for June 2026, goal-based Saving Pots, and free cash services through 700+ Askari Bank branches.
Opens provider site — no obligation
Raqami Islamic Digital Bank
Raqami Term Deposits
Tenure-based Mudaraba deposits from 7 days to 1 year, paying 10.00–11.50% for June 2026 — the shortest-tenor and highest-rate published Islamic term-deposit curve in Pakistan, managed entirely in-app.
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Where Available
Based on listings we track, Raqami Islamic Digital Bank operates nationwide:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with Raqami Islamic Digital Bank.
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and state availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Quick Answer
Raqami Islamic Digital Bank offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available in 1 state and include Bank Accounts options.
Key Takeaways
- Raqami Islamic Digital Bank offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 1 state: Nationwide.
- Product categories include Bank Accounts.
- Always verify compliance directly with Raqami Islamic Digital Bank and consult qualified Islamic finance advisors when needed.
- Compare Raqami Islamic Digital Bank's products with other providers to find the best fit for your needs.
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-09
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Related Guides
Frequently Asked Questions
What types of halal products does Raqami Islamic Digital Bank offer?
Raqami Islamic Digital Bank offers 2 products across 1 category. Raqami Islamic Digital Bank is best for [object Object],[object Object],[object Object]. Review the products listed above or contact Raqami Islamic Digital Bank directly for current offerings.
How does Raqami Islamic Digital Bank ensure Shariah compliance?
Shariah Board (five scholars): Chairman Sheikh Dr. Mufti Muhammad Imran Ashraf Usmani (PhD Islamic Finance; Vice Chairman, Meezan Bank Shariah Supervisory Board; son of Justice Mufti Taqi Usmani); Mufti Hassaan Kaleem (Vice Chairman, DIB Pakistan Shariah Board; Islamic Development Bank boards; 24 years' experience); Mufti Muhammad Muaz Ashraf (CSAA; ex-Meezan Bank and NIBAF); Mufti Azfer Iqbal (Burque Corporation Shariah compliance; teaching faculty); Resident Member Muhammad Ashja Khan (SECP-registered Shariah advisor; nine years in Islamic banking and Shariah audit; ex-Faysal Bank, EY Ford Rhodes). Head of Shariah Compliance: Nasir Razak Mahar. Framework and documents: operates under the SBP's 2024 Shariah Governance Framework with AAOIFI standards adopted; publishes a 'Shariah Certificate for RIDBL Operations', a current-account fatwa, and product fatwas/certificates on the governance page; the chairman's message states the board 'has been actively engaged from the earliest stages of Raqami's operational journey.' Scholar network note: the chairman vice-chairs the market leader's board and a fellow member vice-chairs DIB Pakistan's — deep cross-institutional credibility, and the same cross-holding pattern that runs through all Pakistani Shariah governance. Disclosure gaps: no published Mudarib share, profit-sharing ratio or pool weightages; 'expected' versus declared rate labelling inconsistent; no financial-scale disclosure yet — religious certification is documented, economic mechanics are not.
How does Raqami Islamic Digital Bank work?
Open in-app with CNIC and biometrics: Onboarding is CNIC + selfie + biometric verification with no branch visit; choose the Asaan tier (Rs 3M balance cap) or the Full Digital Account (no cap). Check the current month's declared sheet first: Rates move monthly and have been on a launch-phase ramp — download the latest Historical Profit Rates PDF and treat 'expected' figures as indicative, not promised. Ladder tenors to match your horizon: Use the 7-day Flexi-Week Saver for parking cash, 1–6 month TDRs for near-term goals, and the 1-year TDR only with the understanding that today's 11.50% is not a forward promise. Use Askari's network for cash: Deposit free at 700+ Askari Bank branches; withdraw up to Rs 100,000 per transaction free at 800+ Askari ATMs, or use any ATM nationwide. Keep it a satellite until disclosure matures: With no financing shelf, no published pool mechanics and a weeks-old licence, run Raqami as your yield account beside an incumbent primary bank — and revisit as its disclosure and product range grow.
Is Raqami Islamic Digital Bank available in my state?
Raqami Islamic Digital Bank operates nationwide, though specific products may have regional limitations. Always verify current availability directly with Raqami Islamic Digital Bank.
What are alternatives to Raqami Islamic Digital Bank?
Raqami versus the incumbents is yield-with-youth against history-with-mechanics: its June 2026 savings tiers out-paid BankIslami's 7.8355% and Meezan's 7.04% by roughly 300bps, but BankIslami prints per-pool ratios with nine years of archive and Meezan publishes weightages in advance — Raqami publishes neither. Against Bank Makramah's Islamic savings (8.14% June 2026), Raqami pays more with a cleaner story (no conversion baggage, no capital-adequacy history). Its true structural comparison is with AIK, BankIslami's digital front end: AIK offers lower rates on a 569-branch institution; Raqami offers higher rates on an agency arrangement. There is no like-for-like: Raqami is the only licensed Islamic digital bank in the market. Meezan Bank: Meezan pays ~300bps less on savings (July 2026) but publishes the full Mudarabah machinery — weightages, ratios, loss clauses — plus a complete product shelf Raqami won't have for years. BankIslami: BankIslami's AIK is the incumbent digital alternative: lower June 2026 rates (7.8355%) but per-pool printed ratios, a nine-year rate archive and 569 physical branches behind the app. UBL Ameen: UBL's Islamic arm offers Rs-100 account opening across a mass-converted branch network — a conventional-parent alternative for savers who want scale over yield and accept window-model governance. Bank Alfalah Islamic: Alfalah's 450+ Islamic branches and established digital channels offer the big-window alternative; Raqami counters with pure-Islamic licensing, a more senior Shariah bench and materially higher published rates.
Are Raqami Islamic Digital Bank's products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact Raqami Islamic Digital Bank?
Contact information for Raqami Islamic Digital Bank should be available through their website or the product listings above. Use the action links provided with each product to visit Raqami Islamic Digital Bank's website or contact them directly for more information.
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